Don't Borrow From The World Bank, Cut The Extravagant and Ostentatious Amount Budgeted To Political Portfolios To Pay Workers Salary, Moshood To Nigeria Governors Forum

What is the problem of these Governors? I am becoming increasingly disappointed in their activities. Is World Bank loan a prerequisite at this period when the national debt has reached an unimaginable alarming rate retarding growth in the process? Besides, the serious implications are there.

For instance annual service of all these loan from an imperialist financial institution like the World Bank have some stringent conditionalities attached which is in contrast to the developmental program of this country.

For example in 2011, the World bank granted Nigeria millions of dollars on loan to control malaria which is one of the major child killer diseases in the country. However, one of the major conditions attached to the loan was that Nigeria must import the materials for the programme such as "insecticide treated mosquito nets" from America and Europe. Of course we all know that Nigeria has the local capacity to produce insecticide treated mosquito nets, but she was not allowed to do so. Then, the fundamental question is: if a country like Nigeria was not allowed to produce a material such as mosquito nets, how can it attain self sufficiency or even development which the World Bank claims to be facilitating? These strategies are not only inappropriate, but also constitute impediments to Nigeria's quest for sustainable development.

I am this critical of the proposed World Bank loan because, the financial institution is a puppet of Neo liberalism onslaught and their policies are directed towards economic liberalization which is to the advantage of transnational corporations sponsored by the Western government.

It won't be surprising if at the end of the day, Nigerians realize that deregulation of the oil industry by the federal government might be part of the condition to grant this loan.

I urge the National Assembly particularly the House of Representatives to reject this proposed loan, while at the same time, instead of the Governors opting for a World Bank loan, they should concentrate more on broadening the internally generated revenue of their respective states, and cut the ostentatious and extravagant amount expended in several political portfolios.