The Chinua Achebe Center for Leadership and Development (CACLD) has advised the World Bank not to grant the $29.9 billion loan being requested by the Federal Government of Nigeria.

It warned against granting the loan request in a letter addressed to Dr. Jim Yong Kim, President, International Bank for Reconstruction and Development (IBRD) in Washington-DC. The letter was signed by Ugochukwu Nwachukwu, Executive Director (Operations), Matthew Mbanaja, Public Relations Officer, and Samuel Ejiofor Esq., Legal Adviser.

The Centre said it was in pursuit of its commitment to the protection of human rights and good governance in Nigeria and beyond, that it appealed to the body to reject the $29.9 billion loan request.

It stated that the Achebe Center is a not-for-profit organisation based in the US and established for the promotion of Human Rights and the advancement of good Governance and Democracy around the world. “Our current focus is on Nigeria. Our choice of Nigeria is based on our understanding of its history and the need to help the Nigerian people to forge a united country based on justice and equity and to peacefully reinstate true federalism in line with their terms of nationhood as enshrined in the nation’s Independence Constitution of 1960 and Republican Constitution of 1963,” the letter said.

The group also said the appeal to the bank not to accede to the Nigerian request for a $29.9 Billion facility is based on the grounds that the Government has not demonstrated reasonable level of accountability with the peoples of Nigeria as to guarantee that any loans received on their behalf will be judiciously applied to the purposes for which the loan was granted.

“You may recall,” the Centre emphasised, “that earlier this year, the subsidy on petroleum products was removed by this government, leading to high cost of petroleum products and increased suffering and poverty among the people. It was argued by the government that moneys saved from the subsidy removal will be applied to the development of infrastructure. At this point in time, the people of Nigeria have neither received accountability on the revenues accrued from oil subsidy removal nor seen infrastructure developed as a consequence. It is ridiculous that the same government would turn around to seek a facility for the same purpose for which it removed the oil subsidies earlier this year.

“It might interest you to know that Nigerian news media are awash with news of billions of looted dollars recovered from former politicians. While we support every effort at checkmating corruption in the public service, we are of the view that such efforts must of necessity be transparent and in keeping with the rule of law and that funds so recovered be made public and applied to public good. So far, the Government of President Buhari has not accounted for these billions of dollars allegedly recovered from former public office holders. We find it queer and unacceptable that a government that has not demonstrated probity and accountability would be seeking a loan to be managed on behalf of the same people that it has never been accountable to.

“It is our firm belief that the work of the World Bank cannot be divorced from the overall commitment of building just and free societies anchored on basic rights and freedoms and the rule of law. The Present Government of Nigeria under President Buhari has demonstrated a lack of commitment to the basic principles of democracy and the rule of law. The Continued detention of Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB) and several opposition politicians in flagrant disregard of court orders granting them bail or freedom is a testament to the authoritarian and undemocratic character of this government. The climax of this lawlessness was the recent midnight Gestapo style arrest of seven Nigerian Judges and the vandalisation of their residences by agents of the Government without a court warrant or an order sanctioning such arrest.

“Since the Biafran civil war, Nigerians have not witnessed this level of insecurity and extra-judicial killings in which the state and its agents are either being directly or indirectly accused of involvement. Any loan granted to this government by the World Bank or any international body would be seen as an endorsement of this authoritarian regime and an effort to strengthen its oppressive grip on the Nigerian people.

“Furthermore, except where endless indebtedness of a country means more profit to the lender, the principles of modern investment would require that the borrower show evidence of prudence/skill in financial management as well as reasonable institutional credibility before a lender could advance a loan. So far, this government has not shown any economic blueprint or policy aimed at promoting stability in the management of Nigerian economy. It would be unimaginable that a bank as reputable as the World Bank will offer a loan facility to Nigeria in its present state of political and economic dysfunction. Any loan given in this present circumstance would not be seen as help to the oppressed people of Nigeria but an attempt to mortgage economic survival of the future generation of the people of Nigeria.”

The Centre also stated: “Already, many ordinary Nigerians and institutions have rejected the loan. While many view the intended use of the loan as lacking in national spread, others see it as simply an anti-democratic and hegemonic agenda clothed in economic language. Many are rightly of the view that a loan of this magnitude, taken on behalf of Nigeria as a whole should be used for projects evenly spread among the various zones of Nigeria and that the purported planned use of the loan is not inclusive but designed to isolate South Eastern Nigeria because of the region's dominance by an opposition party.

Hence, any loan granted to this regime could be interpreted by many as an alliance between the World Bank and an oppressive and discriminatory regime that has neither respect for democratic norms and the rule of law nor inclination to subscribe to modern approaches in national economic management.”

The Centre, however, commended the World Bank for its efforts in fighting poverty and improving the standards of living of people around the world. It said: “In contrast to your historically validated acts in this regard, this particular loan being sought will impoverish the people of Nigeria as there is no credible institutional structure to guarantee that it will be judiciously applied for the common good of the people. The widely reported cases of high level corruption and incompetence among cabinet members of President Buhari’s Government and the concomitant widespread poverty among Nigerians give credence to this assertion.

“In view of the above stated reasons, we once more appeal to you and the World Bank to reject any requests for Loan from the Nigerian Government under President Buhari until there is a demonstrable commitment to accountability, modern economic stabilisation policies, rule of law and the protection of the freedom and rights of the citizens of Nigeria. Your adherence to the principle that genuine development requires partnership not only with governments and companies, but also with civil society gives us the confidence that you will give appropriate consideration to the issues raised in this letter and save the future generation of Nigerians.”

http://www.newsexpressngr.com/news/30913


•Photo shows IBRD President, Dr. Jim Yong Kim.
Source News Express

Nice one. More of this please. Buhari that thinks West Germany still exists wants to saddle coming generations with huge debt. God forbid

God bless this group. Bubu is a thief.

When the next administration will apply for another loan as a matter of necessity, they will refuse and now cite the content of this letter as a ground for the refusal. But if this government has indeed recovered such amount of money that litters on the Internet, need to borrow won't even arise. But karma is bad

buhari fashola and other apc rascals took it upon themselves to start writing letters to diff agencies in the U.S and south africa
not to grant Nigeria it's request for military hardware. and also to stop the repatration of our seized $10,000

they did all theses like they were the only ones that knew were they sell biro and paper

i don't care whether d dullard borrows $40 billion as long as it will sink d zoo. wat i dont understand is, why is buari dullard planning to borrow $30 billion from wall bank wen deziani was alleged to have return $90 billion loot to efcc

Well, Buhari should involve SE the more.. I don't think his advisers tell him how nerves are hot over there.

But any loan without national spread is DOA..

We should be careful about writing letters because very soon, International organization and countries will see us as jokers.

Igbos are doing everything to ensure the failure of the Buhari regime. They have the right to oppose whatever policy that government comes up with but they should also realise that whatever goes around comes around. If the world bank eventually approves the loan and most of the developmental projects to be undertaken with it are not sited in the SE, they should please not cry of marginalisation.

again i dont understand why d dullard wants to borrow wen we were told by commissioner osumbade dat buari's daura govt was saving billions monthly from fuel subsidy removal or was it a lie dat fuel subsidy was removed

seunmsg:
Igbos are doing everything to ensure the failure of the Buhari regime. They have the right to oppose whatever policy that government comes up with but they should also realise that whatever goes around comes around. If the world bank eventually approves the loan and most of the developmental projects to be undertaken with it are not sited in the SE, they should please not cry of marginalisation.

The internet never forgets

Your unborn generation will one day get to read this and will surely place a curse on you for supporting a modern day slavery

capatainrambo:
buhari fashola and other apc rascals took it upon themselves to start writing letters to diff agencies in the U.S and south africa
not to grant Nigeria it's request for military hardware. and also to stop the repatration of our seized $10,000

they did all theses like they were the only ones that knew were they sell biro and paper

Karma is a.........

drss2:
i don't care whether d dullard borrows $40 billion as long as it will sink d zoo. wat i dont understand is, why is buari dullard planning to borrow $30 billion from wall bank wen deziani was alleged to have return $90 billion loot to efcc

my dear am still confused ooh. This government is becoming useless by the day, i don't even understand them at all

I'm not against any President Borrowing, but I don't want Grasses around Federal Highways to look like Old Trafford and Stamford Bridge

drss2:
i don't care whether d dullard borrows $40 billion as long as it will sink d zoo. wat i dont understand is, why is buari dullard planning to borrow $30 billion from wall bank wen deziani was alleged to have return $90 billion loot to efcc

Even if the country splits we will still be stuck with repaying the huge loan. This loan will not fly

seunmsg:
Igbos are doing everything to ensure the failure of the Buhari regime. They have the right to oppose whatever policy that government comes up with but they should also realise that whatever goes around comes around. If the world bank eventually approves the loan and most of the developmental projects to be undertaken with it are not sited in the SE, they should please not cry of marginalisation.

Even Alhaji Lai Lalasticlala have kept quiet.. He now knows that no be only him sabi twist words.

Dis people and bad belle!

I don't trust PMB's Govt to manage this facility, i mean he messed up the economy and now he's trying to save his mess not via any credible economy mop up plans but propaganda and the blame game. I don't trust him to effectively manage the loan facility if it's comes in

let him publish the plans for the loan as am not satisfied with the infrastructural plan as claimed as he couldn't mend the economy he messed and now wants to manage a facility so expensive

op,rephrase it to ' eeegbo centre moves....'

Enemies of progress. Biafrans who does not want to see the progress of Nigeria are at it again. Definitely failure await you.

Anothe Fayose in China

This one just happen to have written the World bank


A country is dealing with a high institution like World bank and it's outright comedy knowing that some mere Humans have the effrontery to believe that they have a voice to stop or alter such transaction. #Funny

seunmsg:
Igbos are doing everything to ensure the failure of the Buhari regime. They have the right to oppose whatever policy that government comes up with but they should also realise that whatever goes around comes around. If the world bank eventually approves the loan and most of the developmental projects to be undertaken with it are not sited in the SE, they should please not cry of marginalisation.

Did you read in the write up that IPOB wrote the letter? nowadays every jack and harry screams Igbos .smh

If there is anyone the world and international community will listen to in Nigeria then it is Achebe. Buhari should forget the loan because it will never be granted..

gunuvi:
God bless this group. Bubu is a thief.

I just hope that when an ibo man becomes president and request for loan, and a northern or other region based group writes this kind of letter, you won't come and tell us they are saboteurs, or they hate you. Remember you started this method, and remember how you always start everything in this country....

I just hope that when an ibo man becomes president and request for loan, and a northern or other region based group writes this kind of letter, you won't come and tell us they are saboteurs, or they hate you. Remember you started this method, and remember how you always start everything in this country....

I was gonna just "spread my mat" , lie down and sleep this one off, but it seems that we have a lot of ignorant people here. Please let me explain like you are five years old.

Most governments in the world take debt. They use this debt to strengthen ties with world powers(US, China, Germany, the Rome Club, IMF etc), build infrastructure, fund social and Healthcare projects, etc. Now president Buhari is trying to get this fund on the presumption that the oil industry will rise again. It may not reach previously recorded highs, but it will certainly reach mid 80s according to oil industry analysts. The loan will be based on the current oil price as at when applied for ,not when approved. So he is hoping we can offset our interests, pay off the loan, build good networking tools to attract more investment. Let us exercise a bit of patience (Jonathan) lol.
Happy Sunday guys

Like if you're having Jollof rice for lunch today

michoim:
Enemies of progress. Biafrans who does not want to see the progress of Nigeria are at it again. Definitely failure await you.

have you considered who will pay that huge debt ,knowing that oil is almost worthless in the international market.

Boleyndynasty2:
my dear am still confused ooh. This government is becoming useless by the day, i don't even understand them at all

How can you understand when everything around is becoming useless by the day?


It takes a healthy and balanced life to access, decode and analyse informations

CXLVII:
Anothe Fayose in China

This one just happen to have written the World bank


A country is dealing with a high institution like World bank and it's outright comedy knowing that some mere Humans have the effrontery to believe that they have a voice to stop or alter such transaction. #Funny

hahaha....you think world bank is in kastina state abi ?