World Bank Loan Not To Cushion Effect Of Hardship – Govrreveals
Over the past nine months, the Federal Government disbursed N573 billion to state governors to fight poverty in their domain.
The Nasarawa State Governor, Abdullahi Sule, on Thursday, said the World Bank loan received by states is for infrastructural projects and not to cushion the effects of hardship faced by Nigerians.
Over the past nine months, the Federal Government disbursed N573 billion to state governors to fight poverty in their domain. Many Nigerians, including human rights lawyer, Femi Falana, had challenged states and the FCT to explain how they spent the money they received.
Speaking on Channels Television’s Politics Today, the governor explained that states received the money in batches with the latest being received in June.
“The money is tied to certain projects. It is almost like a regimented loan from the World Bank. The money is not for rice, it is not for palliatives, it is not for anything in that line,” he said.
“That money came from the World Bank and that was the second disbursement which came I November last year. The account amount was credited to the account of every other state, sometimes around January.”
The governor explained that during the second tranche received by states, Nasarawa received N13.6 billion, representing over 10 per cent of the amount.
When asked about the per cent given for the repayment, the governor said: “The World Bank is actually doing it at no interest.
“The reason is because it was coming to support states because of the Covid. It actually started around the year 2020.
“The first disbursement was done even before Mr President actually came in May 2023. The third disbursement was the one done in June that was advertised. Every state has been credited and no state is denying it.”
In April 2023, the Federal Government disbursed N77 billion to states and the FCT to fund the NG-CARES programme and contribute to tackling multi-dimensional poverty in the country.
A total sum of N112 billion was disbursed by the Muhammadu Buhari administration to states and FCT to fight poverty.
However, in 2023, the Federal Government approved the release of N135.4 as reimbursement to States and FCT for the implementation of the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG CARES) Programme.
In July 2024, the Federal Government released over N438 billion in reimbursement to 34 states and the Federal Capital Territory under the Nigeria Community Action for Resilience and Economic Stimulus programme. Kaduna and Anambra States were not included in the list of beneficiaries of the last disbursement on the ground that they did not present results for verification during the exercise.
