• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home National Fuel Subsidy: CISLAC queries $800m World Bank loan for Nigerians
  • National

Fuel Subsidy: CISLAC queries $800m World Bank loan for Nigerians

By
Prnigeria
-
May 7, 2023
CISLAC boss, Musa Rafsanjani
CISLAC Boss, Musa Rafsanjani

Fuel Subsidy: CISLAC queries $800m World Bank loan for Nigerians

The Civil Society Legislative Advocacy Centre, CISLAC, has queried the Federal Government over the World Bank’s $800 million loan to the country, as a palliative to cushion the effect of the proposed fuel subsidy removal by June.

The Executive Director of CISLAC, Auwal Musa-Rafsanjani, in a statement on Friday, lamented the nonchalant attitude displayed by the President Muhammadu Buhari administration, towards the country’s crippling debt crisis.

He said that borrowing to fund post-fuel subsidy removal palliatives is strange, noting that “if the fuel subsidy removal process has been suspended as announced by the Minister of Finance after the NEC meeting at the end of April, then the government should return the borrowed money because what are we taking the loan for?”

Mr Rafsanjani said that fears of the country getting another $800 million loan from the World Bank sends waves of worries in the minds of Nigerians as Nigeria’s revenue collection in 2022 stood at N10 trillion, with a debt of about N77 trillion.

“In 2022, Nigeria paid about N7 trillion in fuel subsidy and in 2023 from January to June when the country intends to stop paying the subsidy is N3.6 trillion so if we are paying such whopping amount of money when subsidy is removed, we should have enough savings instead of taking additional loans, we can use the subsidy funds for post fuel subsidy removal.

Read Also:

  • Army Condemns ‘False Narrative’ on Soldiers Seeking Permission from Killers in Plateau Attack
  • ICPC, EFCC, CCB Partner on Commonwealth Anti-Corruption Research Initiative
  • Army Eliminates 12 Bandits, Two Soldiers Injured in Katsina Gun Duel

“As a matter of fact, we don’t need to borrow. What we need to do is to cut waste. Just recently, we all saw the aviation minister announce that he bought 10 fire fighting trucks for over 12 billon naira. Is this what we are borrowing to spend on?

“Also, we read that the Minister of Communication and Digital Economy announced the approval of 24.2 billion to provide internet facilities at airports and some institutions amongst other places. These are the things we are spending on a few weeks before the end of this administration and this is unacceptable”.

The anti-corruption organisation boss also condemned the reckless spending during the end of this present administration few weeks to go, saying it’s totally unnecessary and it’s a clear sign of diversion of public funds for personal interest and not for the overall good of the country.

He called on the financial watch-dogs of the country to spotlight all public spendings that have not followed adequate procurement processes.

The CISLAC Executive Director said: “what’s the need for acquiring fighter trucks towards the end of an administration a position you have held for over 8 years but you find no need to acquire the trucks until the end, this is a clear sign of contracts scams that doesn’t follow due process and public interest it is simply a financial recklessness.

“And Nigeria as a nation that is so swamped up in debts we can’t afford that right now because where’s the public interest in that elephant project.

“Also the Minister of Communications has gone ahead to get an approval of FEC for N24.2bn for internet access at airports and universities but these are services that naturally should be done by service providers”.

He maintained that “Nigeria is already in another debt trap. Records from both national and international financial and debt institutions regarding Nigeria’s debt reveal a state in crisis.”

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Auwal Musa Rafsanjani
  • NEC meeting
  • World Bank
Previous articleNdace’s Trilogy in honour of Buratai set to launch in Abuja
Next articleDirector Hails Prison Inmates over Exam Performances
Prnigeria
Prnigeria
Xing

RELATED ARTICLESMORE FROM AUTHOR

ICPC, EFCC, CCB Partner on Commonwealth Anti-Corruption Research Initiative

ICPC), Dr Musa Adamu Aliyu, SAN

ICPC Chairman Advocates Speed, Consistency in Handling Corruption Cases

Convicted Killer, Maryam Sanda and her late husband

Bilyaminu Bello’s Family Condemns Presidential Pardon for Maryam Sanda, Cites “Inexorable Pain”

Department of State Security Service DSS

DSS Warns Public Against another Dismissed Officer Impersonating Agency

Trump Arrives in Israel Ahead of Egypt Summit on Gaza Peace Efforts

Information Minister Congratulates Danlami Nmodu on Election as GOCOP President

Nigerian Police Force

Police Reform Deepens as NASS Okays 2 Landmark Bills to Strengthen Force

African body, experts urge leaders to step up countries’ health financing

Scars: Nigeria’s Journey and the Boko Haram Conundrum

Gen. Irabor’s Book Exposes Boko Haram’s Sexual Violence Tactics and Drug Use

IGP Kayode Egbetokun Police Boss

IGP Reassigns Senior Police Officers to FCT, Kogi Commands Pending PSC Approval

Military troops

Army Eliminates Wanted IPOB Commander, 26 Others, Rescue Hostages in Nationwide Operations

Atiku Abubakar and president Bola Ahmed Tinubu

Tinubu’s Presidential Pardon Encourages Criminality, Erodes Justice – Atiku

Recent Posts

  • Army Condemns ‘False Narrative’ on Soldiers Seeking Permission from Killers in Plateau Attack
  • ICPC, EFCC, CCB Partner on Commonwealth Anti-Corruption Research Initiative
  • Army Eliminates 12 Bandits, Two Soldiers Injured in Katsina Gun Duel
  • ICPC Chairman Advocates Speed, Consistency in Handling Corruption Cases
  • NAF Invites Applications for Airmen, Airwomen Recruitment 46/2025
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Army Condemns ‘False Narrative’ on Soldiers Seeking Permission from Killers in Plateau AttackICPC, EFCC, CCB Partner on Commonwealth Anti-Corruption Research InitiativeArmy Eliminates 12 Bandits, Two Soldiers Injured in Katsina Gun DuelICPC Chairman Advocates Speed, Consistency in Handling Corruption CasesNAF Invites Applications for Airmen, Airwomen Recruitment 46/2025Bilyaminu Bello's Family Condemns Presidential Pardon for Maryam Sanda, Cites "Inexorable Pain"Kano Police Bust Armed Robbery Syndicate, Arrest 9 Suspects, Recover WeaponsImproving Nigeria’s Digital Safety Through Customs–NCC SynergyKwara Gov't Disburses N180 Million to Families of Fallen Forest Guards, Vigilantes, Community FightersDSS Warns Public Against another Dismissed Officer Impersonating AgencyTrump Arrives in Israel Ahead of Egypt Summit on Gaza Peace EffortsInformation Minister Congratulates Danlami Nmodu on Election as GOCOP PresidentFCT Police Raid Criminal Hideouts, Arrest 52 SuspectsPolice Reform Deepens as NASS Okays 2 Landmark Bills to Strengthen ForceAfrican body, experts urge leaders to step up countries' health financing
X whatsapp