SERAP advises World Bank to suspend $800m loan to Nigeria

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Abuja, May 14, 2023 – A Non-Governmental Organisation, the Socio-Economic Rights and Accountability Project (SERAP),  has urged the World Bank to suspend the disbursement of the $800 million loan being requested by Nigeria.

SERAP urged the Word Bank to suspend discussion on the loan until the new administration comes into office on May 29.

Buhari, had last week, written to the Senate seeking the approval for the request of the loan, just three weeks before the end of his tenure.

Kolawole Oluwadare, SERAP Deputy Director, disclosed this on Sunday, saying that the organization had written to the World Bank on  its position.

 He said that SERAP had advised the World Bank to comply with its own Articles of Agreement in disbursing loans.

“The World Bank cannot close its eyes to these important transparencies, accountability and human rights issues.

“We would consider the option of pursuing legal action should the World Bank refuse to suspend the disbursement of the loan to the Federal Government.

“When the country is burdened by unsustainable debts, there will be little money left to ensure access of poor and vulnerable Nigerians to legally enforceable socio-economic rights.”

SERAP reminded the World Bank of its responsibility to ensure Nigerian authorities are accountable in discussions to obtain loans, credits or grants. (GBN)

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