Former CBN deputy governor Kingsley Moghalu has spoken out against the federal government’s intention to borrow $1.5 billion from the World Bank.
At the ongoing 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced the loan to reporters.
Edun vowed that the monetary and fiscal policies would be coordinated and that the Bola Tinubu administration would not go above Ways and Means restrictions.
“That is true about the discussions with the World Bank regarding the $1.5 billion budget support.
The World Bank is the top global development institution for aiding or funding developing nations, initiatives, activities, and industries.
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The International Development Association (IDA) offers free funding for it.
“It is for the poorer countries, and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding, which means that effectively the interest rate will be zero,” said Edun.
Moghalu responded by claiming that “our political class is its scavengers” and that Nigeria is turning into a carcass on his official X page.
“There is a serious issue when 360 members of the House of Representatives are apparently going to have SUVs purchased for N160 million each and Nigeria is about to borrow another $1.5 billion from the World Bank for budget support. As a nation, we are not yet serious.
“Nigeria is becoming a carcass, and our political class is its scavengers,” he wrote.
