From Abubakar Yunusa, Abuja
The Human and Environmental Development Agenda (HEDA Resource Center) has strongly criticized the World Bank Country office in Nigeria, for its engagement with practices that is considered illegal under Nigeria’s legal regime, relating to borrowing and indebtedness.
In a statement released by HEDA’s Chairman, Olanrewaju Suraju, the organization expressed concerns over the loan’s intentions. Suraju stated, “This goes to confirm the loan and indebtedness was all along World Bank idea and agenda and not that of a government that is with less than a month in office.
“As CSOs, we have no other duty than to condemn the loan, World Bank and the FG on this corruption perfection strategy of loan and poverty elongation tagged alleviation.
“The World Bank is supposed to get Nigeria out of fuel importation by assisting the country to make refineries work or build new refineries and get us out of importation of fuel.
“World Bank is only encouraging us to remain importation dependent and provide a market for countries selling refined petroleum to us. This loan is a trap and nothing more.”
The Civil Society Organization’s criticism raises concerns about the loan’s potential impact on Nigeria’s long-term economic stability and self-reliance. The organization urges the World Bank to reconsider its approach and prioritize investments that promote self-sufficiency, such as revitalizing domestic refineries or constructing new ones, rather than perpetuating importation reliance.
As Nigeria grapples with socio-economic challenges, HEDA’s call to focus on sustainable solutions reflects a broader concern among civil society organizations regarding the loan’s effectiveness in achieving long-term development goals.
It therefore called on the National Assembly to reject the presidential request for an approval to obtain the loan as any approval will constitute a violation of the law properly enacted by the Assembly and accessory to the offence about to the committed by all those involved in the loan concoction and administration.
HEDA threatens to work collaboratively with other stakeholders to develop strategy to evoke provisions of the law for the prosecution of all those associated with the violation of the FRA 2007 and other associated offences, and promote genuine economic independence and prosperity for the Nigerian people.
