Some finance experts have commended the Federal Government for securing
$2.1 billion (N393.9 billion) pledge from the World Bank toward the
rehabilitation of areas ravaged by insurgence. They said, in Lagos that the
credit pledge was a clear indication of government's commitment to restoring
the socio-economic potential of the area. Dr Osi Itsede said the federal
government's effort was not only commendable but a proactive step toward
the rebuilding of North-East from the degradation by insurgents.
Itsede, former Director-General of the West African Institute for Financial and
Economic Management (WAIFEM), said the ability of government to get such
credit pledge was an economic and a political booster for the nation. He also
said the pledge was only a statement of intent by World Bank. "It would only
be given to Nigeria after government submits a development and sustainable
programme for the rebuilding of the affected areas."
He said the bank would also oversee some of the specific programmes to be
designed by the country. Itsede added that government also needed to gather
some experts in development planning to come up with well-designed and
articulated programmes. He said this would also help the nation to leverage on
the World Bank pledge for more assistance from other international donors.
Former Director in CBN, Mr Titus Okurounmu, said government could invest the
funds to generate additional income if it was received before end of
insurgency. Okurounmu said the credit was a financial assistance needed for
development programmes that would also attract further interest of the
international development organisations. He urged the federal government to
effectively utilise the funds, stressing the World Bank credit attracts interest.
The former director also said the nation could not have rejected the loan
because the world bank unveiled plans to spend 2.1 billion dollars in rebuilding
the infrastructure in Nigeria's northeastern region at a meeting with President
Muhammadu Buhari on July 21in Washington, USA.
The funds will be spent through the world bank's International Development
Agency in the form of low-interest loans, which will be interest-free for the
first ten years and then accrue at a below market rate thereafter.
Representatives from the World Health Organization (WHO), present at the
meeting said that their organization would also spend $300 million on malaria
immunization in Nigeria.
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