Essential Ndubuisi
Civil society groups have raised concerns over Nigeria’s borrowing practices during the World Bank Group Spring Meetings in Washington DC. Nigerian civil society groups participated in the meeting for the first time ever and had a unique session with the Bretton Woods institutions.
The groups discussed issues of accountability and governance concerning debt, particularly the latest borrowing of $800 million. Auwal Rafsanjani, the Executive Director of Civil Society Legislative Advocacy Centre, alleged that the funds borrowed were not used for their intended purpose and were instead taken up by corruption.
The civil society groups called on the World Bank and the International Monetary Fund to ensure accountability and transparency in Nigeria’s borrowing practices.
They also criticized the Nigerian government’s incessant borrowing and claimed it was plunging the country deeper into a debt crisis that would affect generations of citizens that did not benefit from the loans.
