Minister Critiques Nigerians for Attacking World Bank Loans

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, criticized Nigerians for their hostile reactions on social media towards the World Bank's decision to continue lending to Nigeria. During a media briefing in Abuja, he noted that the backlash indicated a lack of understanding of how international development financing operates.

Some Nigerians had condemned the World Bank for granting loans, leading the institution to disable comments on its social media platforms. Oyedele emphasized that Nigeria cannot solely rely on borrowing for development and must enhance its fiscal system to generate domestic revenue.

He illustrated the misunderstanding with an analogy of an automated teller machine (ATM), explaining that people might wrongly perceive that the government is favoring certain individuals in accessing funds without understanding the underlying financial processes. Oyedele's comments come amid ongoing discussions about a proposed $1.25 billion World Bank facility and the country's rising debt burden.