A Pro-transparency Non-Governmental organisation- Human Rights Writers Association Of Nigeria, HURIWA, yesterday cautioned against further dragging the country down the foreign loans’ quagmire with another loan package from the World Bank in the guise of rebuilding North East of Nigeria devastated by armed Islamists particularly when the war on terror hasn’t successfully been fought and won and the masterminds prosecuted and punished for their monumental crimes against humanity.
‘Why are we learning to run even before we walk? Why can’t we do first things first rather than always chase after money that may eventually be frittered away even if the expenditures are to be coordinated by consultants from those multilateral agencies who would drain a lot of the funds on servicing their consultants and not delivering the real dividends to the victims?”
HURIWA said that World Bank and International Monetary Fund’s conditionality especially for repayments are shrouded in the muddy waters of deceit, double-face, farcical, overwhelmingly fraudulent and harmful to developing societies of the World and therefore Nigeria must be circumspect and not dabble into such huge traps of been reclassified as a heavily indebted nation once more.
The group said that in as much as rebuilding the livelihoods and the destroyed infrastructures of the affected areas were imperative how to go about generating resources for rebuilding these communities must not be mired in huge controversy of international loans barely few years after Nigeria reportedly paid over $12 billion cash to London and Paris clubs of creditors as repayments for purported longstanding loans that were dubiously collected and frittered away by political leaders.
HURIWA said it would make more sense since the United States, France and United Kingdom have pledged to cooperate with the new Federal administration that donations rather than World Bank loan would have been more desirable.
“Was it for World Bank’s credit facilities that the Federal Government trooped into the United States with a large team of politicians to meet with President Barack Obama and other officials of the United State’s administration and hierarchies of the multilateral Bretton wood’s funding institutions? Why waste tax payer’s fund running to several billions in Naira value just to go and beg World Bank for loans when the United States and other World Powers are known to have generously raised donations to reconstruct communities similarly devastated by terrorists in Iraq, Afghanistan and even the Palestinian towns destroyed in the recent Palestinian versus Israeli bombardments?”.
“Why is Nigeria keen on another World Bank Loans that may not be transparently handled and when the federally sourced funds may have been frittered away or looted? Let the Nigerian Government look to local sources of rebuilding the North East or get our Western powers who are now friends to donate the funds the same way that Palestinian territories, Afghanistan and Iraq were all rebuilt without those countries mortgaging their countries’ future through World Bank credit facilities?”
HURIWA recalled that President Muhammadu Buhari on Monday in Washington, D.C hailed the decision of the World Bank to grant Nigeria $2.1 billion loan for the rebuilding of the devastated north east of Nigeria.

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