See What SERAP Told World Bank About Buhari’s $800m Loan Disbursement

Afimag.com –

The Socio-Economic Rights and Accountability Project (SERAP) has reacted to the $800 million loan disbursement by federal government of Nigeria led by President Muhammed Buhari.

The body called on the World Bank to suspend $800 million loan disbursement to the Federal Government, saying that it is insignificant to disburse such amount in the end of Buhari’s leadership.

SERAP also appealed to the World Bank President, David Malpass to mandate the incoming administration of Asiwaju Bola Tinubu to give vivid account to Nigerians on why the country needs the loan.

In a letter signed by its deputy director, Kolawole Oluwadare, SERAP urged Mr Malpass to engage Asiwaju Tinubu’s incoming administration to explain why the loan has become necessary since the present administration is about coming to an end.

“reopen discussion on the reportedly approved $800m loan with the incoming administration to clarify the details on the rationale and use of the loan because the term of office of the government of President Muhammadu Buhari ends in May 2023.”

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SERAP also told the World Bank not to sacrifice international stands in its bid to disburse the loans to Nigeria.

“The government has not satisfactorily explained or justified the need for the loan at this time, especially given the lack of clarity on its use and the crippling debt burden, and the disproportionately negative impact of these retrogressive measures on poor Nigerians,” It explained.