Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has criticised Nigerians who attacked the World Bank on social media over its continued lending to Nigeria.
Oyedele said the backlash reflected a lack of understanding of how international development financing works, explaining that some Nigerians had gone to the World Bank’s social-media pages to condemn the institution for granting loans to the country.
The minister spoke on Wednesday in Abuja during a media briefing on the Federal Government’s economic reform scorecard.
According to Oyedele, the criticism became so intense that the World Bank eventually disabled comments on its social-media account.
“People went to the social media account of the World Bank to go and be abusing them that they’re giving Nigeria loan. World Bank just switch off the comments.”
He argued that Nigerians should understand the mechanisms surrounding development financing before criticising institutions involved in providing such funds.
Oyedele uses ATM analogy
To explain his position, Oyedele compared the situation to an Automated Teller Machine (ATM).
He said people who did not understand how an ATM worked could see others withdrawing money and wrongly conclude that the system was deliberately allowing some people to access funds while denying others.
According to the minister, such a misunderstanding could lead people to attack the system instead of addressing the actual problem.
Oyedele stressed that having accurate information is important for citizens who want to hold government accountable.
“Part of your ability to hold government to account is having the right knowledge,” he said, according to reports of his remarks.
Nigeria continues to secure World Bank financing
The controversy comes as Nigeria continues to receive financing from the World Bank for development and economic programmes.
The Federal Executive Council on Wednesday approved a $1.25 billion financing facility from the World Bank’s International Development Association and International Bank for Reconstruction and Development. The financing is intended to support Nigeria’s Investment and Job Acceleration Development Policy Financing.
The World Bank has also backed several programmes in Nigeria targeting areas including social protection, human capital development, job creation and economic reforms. In July, the Federal Government launched World Bank-backed programmes valued at about $3.05 billion.
However, borrowing remains a sensitive issue among Nigerians, particularly amid concerns about the country’s debt burden and the rising cost of living.
Oyedele himself has previously acknowledged that Nigeria cannot rely primarily on borrowing to finance its development, arguing that the country needs stronger domestic revenue generation.
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