Suspend $800m Loan To Buhari’S Government SERAP Tells World Bank
The Socio-Economic rights and accountability project (SERAP) has urged the world bank to suspend the disbursement of the $800m loan requested by the federal government.
SERAP also asked world bank to request the incoming administration to provide satisfactory explanations for the loan before disbursing it to them.
Last week, president Muhammadu Buhari requested the senate to approve the $800 million world bank loan he announced in april as part of its subsidy palliatives measures to 50 million vulnerable Nigerians or 10 million households.
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The organisation in a letter signed by the SERAP deputy director, Kolawole
Oluwadare, urges world bank president, Mr David Malpass to reopen a discussion on the reportedly approved $800 million loan not with the recent government but with the incoming administration and clarify the details on the rationale and use of the loan.
According to SERAP, suspending disbursement of the loan to the government which ends in two weeks would reduce the risks and vulnerability to corruption and mismanagement of the funds.