How Buhari Govt Mismanaged $100 Million World Bank Loan – Tinubu’s Minister
The Minister of Women Affairs, Uju Kennedy-Ohanenye has revealed how the Muhammadu Buhari administration of mismanaged the first tranche of the $500 million World Bank loan for women empowerment in the country.
While speaking during an appearance on Arise Television’s Morning Show on Monday, she disclosed that the first tranche of the loan, which is $100 million, meant for the ‘Nigeria For Women Project’, was mismanaged.
Osun Defender reports that the women’s project is a strategic engagement between the World Bank and the Nigerian Government set to improve the livelihood of Nigerian women.
A statement from the bank said the loan is a scale-up financing for the women’s project, which was initially approved on June 27, 2018, with $100m financing.
READ: Court Orders Extradition Of Nigerian Man To US Over Wire Fraud
While speaking during the interview, Kennedy-Ohanenye said the $100 million was disbursed by the Buhari government and the expenditure didn’t reflect the Renewed Hope Agenda of the Tinubu administration.
She claimed that the money was mainly used for advocacy, meetings, and consultancy services and was shared among the states without proper accountability and transparency.
According to her, “About the Nigeria For Women Project, let me first tell Nigerian women to clap for President Bola Ahmed Tinubu, who came in after the first $100 million had been expended. When he came into the office, he looked at it with me and we were not satisfied with how the money was used. Let me make it clear, this is not a grant, it is a loan and when monies are given out as loans, they must be managed well so that the money can be paid back. if we don’t manage it well, how do we pay back the loan?
“When money is a loan, we expect whoever is given the loan to be allowed to utilise it properly in a way that the money will be paid back, so Nigeria will not continue owing all the time. So, the first $ 100 million, when I came in, I was not satisfied. It didn’t augur well with the Renewed Hope agenda. It was mainly for advocacy, meetings, and consultancy, and that was it and they shared it among the states. But remember, the project is called Nigeria For Women Project. It is supposed to be meant for projects for women, but that was not the case.”
She also stated the new structure has been forwarded to the Minister of Finance, Wale Edun, for restructuring for the commencement of the disbursement.
She added, “Fortunately, I quickly raised a new structure on how that money will be utilised so there won’t be more issues of advocacy, meetings, and consultancy, which to me is a way of lavishing the money. So we took a new structure to him (Tinubu), he looked at it and he signed a memo, approving it for restructure. I quickly wrote to the Minister of Finance, Wale Edun, and I’m waiting for the new template to be restructured because Nigerian women are concerned, and we can work with the old structure.
“The former structure was there and women continued suffering. $500million is not a small amount of money, and I can assure you that it can change the lives of every woman who is vulnerable in this country, and I have planned myself from the Federal Ministry of Women Affairs, awaiting the new structure. What did I do? I created a portal, and we have started onboarding women from the communities we partner with all the traditional rulers and commissioners across the nation and they have started onboarding the vulnerable women from communities.”
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
