Fresh World Bank Loan: ‘Nigeria is Becoming a Carcass, Political Class its Scavengers’ – Moghalu

In a striking denouncement of the federal government’s intentions, former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has expressed his strong opposition to the plan to secure a $1.5 billion loan from the World Bank.

Recent reports have revealed that the Federal Government is currently in negotiations with the World Bank to secure this substantial loan, with the aim of bolstering systems for the improved delivery of basic education and primary health services in participating states.

Moghalu took to his official social media platform to voice his concerns and frustrations, painting a grim picture of Nigeria’s current state. He lamented, “There is a real problem when Nigeria is set to borrow another $1.5 billion from the World Bank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country. Nigeria is becoming a carcass, and our political class its scavengers.”

This outspoken criticism by Moghalu sheds light on the deep-seated issues facing Nigeria, where the pursuit of loans for development contrasts starkly with the reported extravagant expenses within the political class. The concern raised by Moghalu highlights the urgent need for a reevaluation of the country’s fiscal and political priorities to ensure a more responsible and sustainable future.