Oyedele Criticises Nigerians Over Backlash Against World Bank Loans

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has criticised Nigerians who attacked the World Bank on social media over loans granted to the country.

Oyedele said the backlash showed that some Nigerians did not fully understand how international development financing works. He made the remarks on Wednesday in Abuja during a briefing on the Federal Government’s economic reform scorecard.

According to the minister, some Nigerians visited the World Bank’s social media platforms to criticise and abuse the institution over its decision to lend money to Nigeria. He said the World Bank eventually disabled comments on its account.

Oyedele argued that the criticism was misplaced because countries do not simply receive World Bank loans based on public pressure or individual preferences. He stressed that the financing process operates within established systems and requirements.

Oyedele Uses ATM Analogy

The minister used an Automated Teller Machine analogy to explain his argument.

He compared the situation to people attacking an ATM because they believed everyone should be allowed to withdraw money, without understanding that money must first be deposited into the banking system.

Oyedele said Nigerians should acquire the necessary knowledge about how economic and financial systems work before criticising institutions or government policies.

He also warned that attacking systems without understanding them could prevent people from addressing the real issues responsible for economic difficulties.

World Bank Approves Fresh $1.25bn Facility

Oyedele’s comments come as Nigeria continues to secure financing from international development institutions.

The Federal Executive Council has approved a $1.25 billion World Bank financing facility under the Investment and Job Acceleration Development Policy Financing programme. Oyedele said the concessional facility, with repayment spread over about 30 years, would be dedicated to accelerating job creation.

The minister maintained that Nigerians have a right to demand accountability from government but should base their criticism on accurate information and a proper understanding of how public finance and development lending operate.