“How Buhari Misappropriated $100M World Bank Loan for Women Empowerment” – Minister Uju Kennedy-Ohanenye

Minister of Women Affairs, Uju Kennedy-Ohanenye, has accused the administration of former President Muhammadu Buhari of misappropriating the initial $100 million of a $500 million World Bank loan intended for women empowerment initiatives.

In an interview with Arise News on Monday, Ohanenye claimed that the previous government squandered the $100 million on meetings, advocacy, and consultancy rather than direct empowerment activities. She emphasized the necessity of proper fund management to ensure repayment, noting that these were loans, not grants.

“The first $100 million, when I came in, I was not satisfied,” Ohanenye stated. “It didn’t align with the vision of the new President’s Renewed Hope Agenda. It was mainly used for advocacy, meetings, and consultancies, distributed among the states.”

The World Bank had approved the $500 million loan on June 27, 2023, aimed at improving the livelihood of women in Nigeria. Ohanenye commended President Bola Tinubu for his proactive approach to overseeing the project, particularly his scrutiny of the initial expenditure.

“President Bola Ahmed Tinubu deserves applause for stepping in and evaluating the expenditure. We were not pleased with how the funds were used,” Ohanenye said. She reiterated the importance of effective fund management to ensure the loan could be repaid, stressing that mismanagement could burden Nigeria with more debt.