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Parliament Urge Gov't to Reject World Bank Loan Offer

17th Nov.'08

The Nigerian lower chamber in the National Assembly, the House of Representatives, on Friday asked the Nigerian federal government to reject the 3 billion U.S. dollars World Bank loan offer, the official News Agency of Nigeria reported on Friday. The lower chamber, at its plenary session presided over by Deputy Speaker Usman Nafada, said the loan offer was another trap cycle of modern economic slavery.

Dino Melaye, a member of the House in a motion sponsored along with 77 others, urged the government to reject the offer, adding that the loan was coming few years after the country was granted debt relief by the Paris Club. He said previous loans from the bank had not been judiciously utilized for the provision of infrastructure.

The lawmaker recalled that Nigeria's Minister of Finance Shamsudeen Usman recently said Nigeria required 100 billion U.S dollars to fully develop its infrastructure. According to him, government could use part of the Nigeria's foreign reserves put at 60 billion U.S dollars and additional 17 billion U.S dollars from excess crude to develop the said infrastructure.

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May we be strengthened with the ability, willingness and capabilities to be good ambassadors of Nigeria contributing to its uplifting, rather than its detriment. - Cxsm