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The National Association of Nigerian Student (NANS) has faulted Federal Government’s plan to borrow $750m from the World Bank.
Zainab Ahmed, Minister of Finance, Budget and National Planning, had announced on Friday that the government is in the process of accessing a $750m World Bank loan for states.
Ahmed explained that the facility would boost the local economy in the various states, adding that the Federal Government was also considering the cause and consequences of civil unrest and COVID-19 across the country.
But in a statement jointly signed by the chairmen of NANS Zone D and its Public Relations Officer, Kazeem Israel, NANS queried the basis for the borrowing of such sum, arguing that Nigeria is capable of financing its developmental objectives without resorting to foreign financial institutions.
“As an association, we frown on the plan of the Federal Government to take a loan of $750m from the World Bank,” the association noted.
“This is not unconnected from the fact that the basis for borrowing is always false because it is not the case that we don’t have enough wealth to finance our developmental objectives as a country.”
