Tashikalmah Hallah and Francis Okeke
14 November 2008
The House of Representatives has mandated its Joint Committee on Finance and Appropriation to liaise with and advise the Federal Government on the consequences of the $3 bil-lion (N351 billion) loan facility offered by the World Bank
The charge was made yesterday during plenary session and the joint committee was given a month to report the outcome of the meeting to the House.
The World Bank's offer came on the heel of the presentation made by Remi Babalola, Minister of State for Finance that Nigeria requires $100 billion or N11.7 trillion to fix the country's infrastructural facilities and poverty eradication over the next five years.
The motion for the caution was moved by Dino Melaye (PDP, Kogi) chairman House committee on Information and 77 others who pointed out that the proposed loan is another death trap and modern slavery after the country exited the Paris and London Club debt trap recently.
Melaye maintained that if World Bank was truly willing to assist Nigeria, the apex bank should come into the country and construct houses on owner-occupier basis or execute the projects within the country "rather than make such ridiculous offers".
He lamented that previous loans obtained from World Bank have not been judiciously utilized for the provision of infrastructural facilities.
The MP warned the Presidency and Ministry of Finance to stop further negotiations which he noted had already commenced with the World Bank for the procurement of the loan.
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