A former Deputy Governor of the Central Bank of Nigeria, (CBN), Kingsley Moghalu, has kicked against the Federal Government’s plan to borrow $1.5 billion from the World Bank.
Recall that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while speaking with newsmen at the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, confirmed the loan. Edun, who promised that there would be a coordination of monetary and fiscal policies, pledged that President Tinubu’s administration will not breach Ways and Means limits.
Reacting, Moghalu on his X (formerly Twitter) official page said Nigeria is becoming a carcass, “and our political class its scavengers. There is a real problem; when Nigeria is set to borrow another $1.5 billion from the World Bank for budget support, and SUVs worth N160 million each, reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country”.
“Nigeria is becoming a carcass; and our political class its scavengers”, he wrote.
