Nigerian News

Buhari lavished $100m World Bank women empowerment loan – Minister

Minister of Women Affairs, Uju Kennedy-Ohanenye, has alleged that the administration of immediate past president, Muhammadu Buhari, lavished $100 million World Bank loan meant for the empowerment of women in Nigeria.

According to her, the sum which was the first tranche of a $500 million loan from the World Bank was expended by the past APC-led government on meetings, advocacy and consultancy.

Ohanenye made this known in an interview with Arise News on Monday while commending President Bola Tinubu for his proactive involvement in the project.

In June 27, 2023, the World Bank approved a fresh $500 million loan for Nigeria to help improve the livelihood of women in Nigeria.

The miniter clarified that the funds were a loan, not a grant, and stressed the importance of proper management to ensure repayment.

Kennedy-Ohanenye said; “About the Nigeria for Women Project, let me first tell Nigerian women to clap for President Bola Ahmed Tinubu, who came in after the first $100 million had been expended. That was when he came in and when he came in, he looked at it with me and we were not satisfied with how the $100 million was used.

“Let me make it clear. This is not a grant, it is a loan and when some monies are loans, they must have to be managed well so that the loans can be paid back. If you don’t manage it well, how do we pay back the loan?

“And when money is a loan, we expect whoever you are giving loan to be allowed to utilise that loan properly in a way that it can yield back the money to be paid, so that Nigeria will not continue owing.

“The first 100 million, when I came in, I was not satisfied. It didn’t augur well with the vision of the new President’s Renewed Hope Agenda. It was mainly used for advocacy, meetings, consultancies and that was it. They shared it among the states.”