{"id":71928,"date":"2023-05-14T16:41:35","date_gmt":"2023-05-14T15:41:35","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=71928"},"modified":"2023-05-14T16:41:35","modified_gmt":"2023-05-14T15:41:35","slug":"serap-to-world-bank-suspend-disbursement-of-800m-loan-to-fed-govt-promises-legal-offensive","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/serap-to-world-bank-suspend-disbursement-of-800m-loan-to-fed-govt-promises-legal-offensive\/","title":{"rendered":"SERAP To World Bank: Suspend Disbursement Of $800m Loan To Fed Govt… Promises Legal Offensive"},"content":{"rendered":"

Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr David Malpass\u00a0 to suspend\u00a0 disbursement of the $800m loan to the Federal Government.<\/p>\n

The organization also requested the incoming administration to provide satisfactory explanations for the loan.<\/p>\n

The organization said it is concerned that the government is seeking to spend the loan when it has barely two weeks to leave office and also when the project objectives and intended purposes for which the loan is reportedly approved and will be disbursed remain unclear<\/p>\n

The request was contained in a letter to the World Bank dated May 13, 2023 and signed by SERAP deputy director Kolawole Oluwadare.<\/p>\n

SERAP urged the bank to 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.<\/p>\n

The Federal Government had in April announced its plan to spend the $800 million loan as \u2018part of its subsidy palliatives measures\u2019.<\/p>\n

Also, last week, President Buhari requested the Senate\u2019s approval for the World Bank loan, the organization stated noting that is it is unclear whether the request to the Senate is for a fresh loan or the one announced in April.<\/p>\n

SERAP said: \u201cThe World Bank should comply with its own Articles of Agreement in disbursing any loans. The Bank should not sacrifice international standards in the rush to disburse the $800m loan to the government.\u201d<\/p>\n

SERAP argued its request for the suspension of\u00a0 any disbursement of the loan to the government would reduce the risks and vulnerability to corruption and mismanagement.<\/p>\n

It noted that 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.<\/p>\n

It therefore urged the bank not close its eyes to these important transparency, accountability and human rights issues.<\/p>\n

It recalled that the National Economic Council (NEC) on April 27 reportedly suspended the planned removal of subsidy on petroleum products by the end of the Buhari administration.<\/p>\n

\u201cWe would consider the option of pursuing legal action should the World Bank refuse to suspend the disbursement of the loan to the Federal Government and to implement the other recommendations contained in this letter, and we may join the government in any such suit\u201d, the organization stated.<\/p>\n

The letter read in part: \u201cThe crippling debt burden is a human rights issue because when the entire 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.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cThere is also a lack of transparency and accountability in the spending of the loans so far obtained. The details of the projects on which approved loans are spent are often shrouded in secrecy.<\/p>\n

\u201cThe Bank has a responsibility to ensure that the Federal Government is transparent and accountable to Nigerians in any discussion to obtain loans, credits or grants from the bank and how it spends any approved loans, credits or grants.<\/p>\n

\u201cThe Bank\u2019s power to provide loans is coupled with a fiduciary responsibility to ensure that the spending of such funds by the government meets international standards of transparency and accountability, including those entrenched in article 5 of the UN Convention against Corruption.<\/p>\n

\u201cThe World Bank should also seek transparency and accountability commitments if the incoming government decides to use the loan to implement the National Social Safety Net Programme (NASSP) because the spending on the programme has been mostly shrouded in secrecy.<\/p>\n

\u201cUnder the programme, the government reportedly plans to transfer the sum of N5,000 per month to 10.2 million poor and low income households for a period of six months.<\/p>\n

\u201cSERAP encourages you and the World Bank to in any future engagements with the incoming government insist on accessing information on the spending by the government on the National Social Safety Net Programme (NASSP) since 2015 and the publication of the details of such spending.<\/p>\n

\u201cUnder Article 1 of the World Bank Articles of Agreement, the stated purposes of the Bank include \u2018to assist in the reconstruction and development\u2019. The Bank is also to \u2018be guided in all its decisions by the purposes.<\/p>\n

\u201cUnder Article 3 section 4(vii) of the World Bank Articles of Agreement, loans made or guaranteed by the Bank \u2018shall be for the purpose of specific projects of reconstruction or development.<\/p>\n

\u201cAccording to our information, the Federal Government of Nigeria recently secured a $800 million loan from the World Bank.<\/p>\n

\u201cThe government reportedly plans to spend the loan as part of its \u2018subsidy palliatives measures\u2019, and aims to target 50 million vulnerable Nigerians or 10 million households.<\/p>\n

\u201cAccording to the Debt Management Office, Nigeria\u2019s total public debt stock, including external and domestic debts, increased to N46.25 trillion or $103.11 billion in the fourth quarter of 2022\u201d, the organization stated.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr David Malpass\u00a0 to suspend\u00a0 disbursement of the $800m loan to the Federal Government.<\/p>\n","protected":false},"author":6,"featured_media":71929,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[1467],"coauthors":[2391],"class_list":["post-71928","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-serap"],"yoast_head":"\nSERAP To World Bank: Suspend Disbursement Of $800m Loan To Fed Govt... 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