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Home Business NANS faults FG’s plan to borrow $750m from World Bank

NANS faults FG’s plan to borrow $750m from World Bank

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The National Association of Nigerian Students has blamed plans by the Federal Government to obtain $750m from the World Bank.

The affiliation additionally communicated dismay with the proceeded with strike by the Academic Staff Union of Universities.

This was contained in an assertion mutually endorsed by the directors of NANS Zone D and its Public Relations Officer, Kazeem Israel.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, had declared on Friday that the Federal Government is currently getting to a $750m World Bank credit for states.

She said the office would help the neighborhood economy in the different states, adding that the Federal Government was additionally considering the reason and results of common agitation and COVID-19 the nation over.

But NANS said, “As an association, we frown on the plan of the Federal Government to take a loan of $750m from the World Bank. 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.

But, on the basis of capitalism, 80 per cent of the wealth of Nigeria is trapped in the hands of minority few which comprises of local capitalists and their imperialists masters. If there had been a judicious and democratic management of the wealth that belongs to us as a people, it is enough to finance our developmental objectives.

“The borrowings and loans have become another conduit pipe for looting public resources and that explains why over the last 20 years, the enormous public debt once accumulated has not translated into any meaningful development in solving the problems we are plagued with as a people.”


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