The past administration of President Muhammadu Buhari squandered the first $100 million of a $500 million World Bank loan for women’s empowerment on meetings, according to Minister of Women Affairs Uju Kennedy-Ohanenye. Ohanenye revealed this information on Monday during an interview with Arise Television.
The minister claimed that Buhari’s administration “lavished” the $100 million on lobbying, conferences, and consulting. Remember that on June 27, 2023, the World Bank authorised a new $500 million loan for Nigeria in an effort to raise the standard of living for the country’s women.
During talks, the Buhari government “lavished” a $100 million World Bank loan for women’s empowerment. President Bola Tinubu received praise from Ohanenye for his aggressive involvement in the project, especially for his investigation of the project’s initial $100 million investment.
The minister emphasised that the money was a loan and not a donation and emphasised the significance of handling the funds well to guarantee payback. “Let me tell Nigerian women to clap for President Bola Ahmed Tinubu, who came in after the first $100 million had been expended,” she remarked in reference to the Nigeria for Women Project. That’s when he arrived, and together we examined it, and we weren’t happy with how the $100 million had been spent.
“Permit me to clarify.This is a loan, not a grant, and when funds are borrowed, they need to be handled carefully in order to ensure that the loans can be repaid. How do we repay the debt if you don’t handle it well?Furthermore, since money is a loan, we expect the person to whom you are lending it to use it wisely so that it can repay the amount owed to Nigeria and avoid further debt.
Buhari’s administration
When I first arrived, after the first 100 million, I was not happy. It was not a good omen for the incoming President’s Renewed Hope Agenda. “Advocates, meetings, and consultations were its primary uses. The states divided it among themselves.
