The World Bank’s reason for lending to Nigeria is its knowledge that funds will be squandered! – A reader’s reaction

Dr. Iweala’s loan-seeking continues as credit & pan-handling – igba bara – (grants) totaling about $1.7 billion top ministerial agenda

Tokunbo Ajasin Says:
April 4, 2013 at 4:49 am eThe truth is that Okonjo-Iweala is an agent of the World Bank just doing her master’s bidding. This is neo-colonialism at its best. The world Bank knows very well that the funds will be squandered – as a matter of fact, that is the reason for lending out the funds in the first instance. When the funds are squandered, we turn around to ask for more which in turn gets squandered, the cycle goes on, and then when it is time to repay, we become beholden to the world bank and they now get hold of our ‘balls’ and start to dictate all sorts of unpalatable terms and conditions for our economy. They will post their men to the CBN [Central Bank of Nigeria] and other sensitive govt agencies to superintend our economy and when they have screwed us really well, we start to ask for debt forgiveness and all such nonsense.
I just cannot understand how the brains of people who rule this country function.This was the same Iweala who, a few years ago, was rewarded by the World Bank for her role in getting the World Bank paid a whopping 12 billion dollars of Nigeria’s debt for which we very easily could have gotten a write-off. She is back again asking us to assume fresh debts. I sometimes think that she is clueless about the Nigerian economy, but the truth is that she is working for her paymasters.
, , , ,


Subscribe to our RSS feed and social profiles to receive updates.

7 Comments on “The World Bank’s reason for lending to Nigeria is its knowledge that funds will be squandered! – A reader’s reaction”

  1. M. Adebisi Sowunmi Says:

    For goodness sake, for the sake of our future and more so that of our children and grandchildren, let us cry “foul” and stoutly oppose this proposed bondage to the World Bank.

    Why do those in charge of government take us for fools? Unless we shout loudly to the contrary, they will continue to treat us so. We are yet to get satisfactory and intelligent response to Dr Ekwesilisi’ s daring and forthright indictment of the present government regarding multi-billions of dollars allegedly unaccounted for. That whopping sum is many more times the loan being sought now. Furthernore, why can’t the government retrieve all the huge sums of money allegedly illegally paid as fuel subsidy — incidentally when will the cases of those involved in the fuel subsidy scam be concluded anyway?

    When will Nigeria have truly patriotic leaders and followers too? As Dele Daramola, rightly said, the leaders come from the followers — although I think there are patriotic followers who don’t stand a chance of becoming leaders unless there is a radical change in our concept of, and attitude to politics in all its ramifications.

    It is time “the silent” majority became loudly vocal. After all, the country belongs to us all, equally, and no group of people should be allowed to mortgage our present and future! It is this “silent” majority that will suffer most.



    • emotan77 Says:

      Dear Sis.,

      I concur heartily. Nothing to add.

      Fond regards,



    • Fatai Bakare Says:

      There are a number of United Nation bodies we Nigerians can protest to that we don’t need any loan that will take us to bondage as they are loans that would soon disappear from he treasury as soon as they are granted. I call on anybody that can open this protest site to do so early enough. May God help us to help ourselves.



  2. Fatai Bakare Says:

    I beg to disagree. If that be the case then Mrs Iweala is an ingrate. If she did not have her education from the Nigerian Government, indirectly she must have benefited because either of her parents must have in the past. By this she is biting the fingers that fed her. The environment where an individual lives or the group he moves with will form his behaviour. The way an intelligent President Obasanjo handled Dr Okonjo Iweala was quite different from the way President Jonathan has handled her. When President Obasanjo realised she had served the purpose for what she was invited for, he changed her portfolio.

    I wonder why President Jonathan invited her for a second time. He should have realised that if she had been that good as an unchecked lone ranger, she would not have been given a lesser portfolio outside her specialisation by President Obasanjo. President Obasanjo must have understood her well after inviting her and was able to check her excesses. She is not what we thought her to be even though she may be brilliant.



    • emotan77 Says:

      Dear Fatai,

      I think you, the commentator and I ARE ALL on the same page, or, maybe you are being sarcastic and we’ve missed your angle! We all seem to agree this particular expert is not the type Nigeria needs. If our country needs the approval of donor countries – for whatever weird reason – then Madam Economy Director is our path to their hearts.

      Sincere thanks & regards, as always.



Leave comments

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.