Shubham Chaudhuri, the Country Director for Nigeria at the World Bank, has revealed that the institution has allocated more than $11 billion in funding to both the federal and sub-national levels of the Nigerian government over the past three years.
This was disclosed during the commencement of a three-day cabinet retreat held at the State House Conference Centre in Abuja, which was attended by ministers, presidential aides, permanent secretaries, and senior government officials.
Chaudhuri stressed the World Bank’s commitment to supporting the Nigerian government, emphasizing that in recent years, they have provided over $11 billion in financial support to various levels of government. He said the World Bank serves as more than just a financial institution; it is also a source of solutions and ideas.
“I hope that through what we’ve been able to do we will be able to continue supporting you, as you realize this enormously important task,” he said.
“Although we are at the World Bank, we’re a development organization, and over the last three and a half, four years that I’ve been here, our board has committed over $11 billion in financing for the government, and our financing is meant to go government at both the federal and at the sub-national levels. So we’re here to support your programs, and we take guidance from you.”
Furthermore, Chaudhuri pledged to provide support that extends beyond financial assistance, highlighting the importance of taking bold measures to drive meaningful change.
“But even though we have the World Bank in our name, I hope you will think of us as more than a bank. I mean, I hope that we will be able to earn your trust that we have something more to offer like solutions to help you think through and then implement the priorities, and the focus areas that you’ve laid out by bringing in ideas and experience.
“Financing is only part of the solution. It’s the ideas and the vision. So you have my commitment. I and the team, the entire World Bank across the globe, we’re here to support you on that,” he said.
He emphasized that Nigeria is at a crucial juncture, facing a choice between maintaining conventional practices and risking potential disarray or summoning the courage to chart a new path that will bring about significant positive transformations in the country.
“And I would also like to say that I feel particularly privileged to have been here in Nigeria these last four years, especially in the last few months at this critical juncture where Nigeria faced the critical choice of whether to continue muddling through business as usual with the risk of things falling apart growing by the day or have the courage to chart a new course, to take bold steps to finally see Nigeria rise to its true potential,” he said.
But where is the impact?
The above question has followed Chaudhuri’s disclosure as calls for the judicious use of funds borrowed by the government heightened. The Nigerian government has been accused of borrowing for consumption at the detriment of infrastructural and economic development.
This week, it was discovered that the N2.18 trillion supplementary budget submitted to the National Assembly for approval by President Bola Tinubu is filled with frivolous items. The items include luxury cars for the office of the First Lady, a yacht for the president, and renovation of government offices that will gulp billions of naira.
Currently, the government is seeking to borrow billions of dollars from many sources, a move that will see the nation’s public debt stock significantly rise beyond the present N87 trillion.
Although Chaudhuri commended Tinubu’s bold steps since his assumption of office, which includes the removal of fuel subsidy and the floating of the forex market, Nigerians believe the gain from these reforms has been diverted to fund the extravagant lifestyle of politicians. This backdrop is believed to have significantly contributed to the government’s failure to alleviate poverty.
