TMSG Defends $1.5bn World Bank Loan Request, Says Opposition Ignorant Of Process
By Sunday Etuka
The Tinubu Media Support Group (TMSG) has faulted opposition parties criticising Federal Government’s fresh $1.5 billion World Bank loan request, describing their position as uninformed and mischievous.
In a statement signed by its Chairman, Emeka Nwankpa,and Secretary, Dapo Okubanjo, the group said calls by some opposition figures for the World Bank to reject the request smacked of egregious ignorance.
The group said it finds laughable that supposedly literate opposition elements are urging the global lender to reject loan request by President Bola Tinubu administration, noting that World Bank decisions are not based on online protests by politically exposed persons.
It explained that World Bank uses metrics including macro economic stability, debt sustainability, ability to repay, transparent spending plans and joint stress test assessment with International Monetary Fund. The bank declined Kenya’s $600 million emergency funding request in June for failing such metrics, it noted.
TMSG said Nigeria debt to GDP ratio is between 35 and 40 percent, making it one of few African countries with very low ratio and not at risk of default contrary to opposition claims. It added that Nigeria nominal public debt of about $120 billion is much lower than South Africa $375 billion and Egypt $327 billion.
The group clarified that fresh request comprises three separate $500 million facilities.
According to TMSG, one facility is for Household Prosperity and Empowerment Social Protection Project known as HOPE SP designed to provide regular social assistance for poor and vulnerable households through cash transfers, nutrition and access to education and health services, while modernising social registry, integrating National Identification Number into social protection system and strengthening units at federal, state and local levels.
Second $500 million is additional financing for Agro Climatic Resilience in Semi Arid Landscapes project operating in 19 northern states and FCT targeting land degradation, water insecurity, climate vulnerability and declining productivity linked to farmer herder clashes.
Third $500 million is for Nigeria Early Childhood Development programme covering 36 states and FCT to increase access to quality services for children aged zero to five in health, nutrition, early learning, water and sanitation, safety and protection at a time World Bank says 40 percent of under five children in Nigeria are stunted.
The group said it is surprising opposition figures claiming interest in better country are pushing to prevent vulnerable Nigerians from benefiting from life changing programmes, adding that World Bank is ignoring display of ignorance.
