World Bank Loans: Senator Ndume Accused of Misrepresenting Facts, Data

• Borno South Senator Ali Ndume has been accused of misrepresenting the facts and data concerning President Bola Tinubu's borrowing from the CBN
• The Independent Media and Policy Initiative (IMPI) made the allegation against the former Senate chief whip in a statement on Wednesday, April 16
• According to the group, Senator Ndume's criticism showed a narrow understanding of the multifaceted nature of development

The Independent Media and Policy Initiative (IMPI) has described the stance of former Senate Chief Whip, Mohammed Ali Ndume, on World Bank loans secured by the Bola Tinubu administration as a deliberate misrepresentation of facts.

In a policy statement signed by its Chairman, Omoniyi Akinsiju, and sent to Legit.ng, the think tank argued that Senator Ndume's criticism showed a narrow understanding of the multifaceted nature of development.

How much Nigeria borrowed from World Bank

The group maintained that its analysis showed that the World Bank loans covered 80 per cent of Nigeria's multilateral debt in 2024, rising modestly from $21.15 billion in 2023 to $22.32 billion in 2024—a 5.5% increase, not the $9.5 billion figure Senator Ndume cited.

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The statement further reads in part:

"Meanwhile, Nigeria's IMF debt fell sharply from $2.47 billion to $800.23 million (-67.6%) over the same period. This evidence supports the view that the Tinubu administration is not carelessly accumulating debt but carefully balancing, securing new credit for critical sectors, and reducing overall public debt."

Group urged Nigerians to support Tinubu

The IMPI further called on Nigerians to see President Tinubu as a prudent debt manager and reform-focused rather than being disparaged unfairly.

Senator Ndume was also said to have accused President Tinubu of bypassing the national assembly for proper scrutiny when it comes to borrowing. However, the group explained that World Bank credit approval by its internal organ (IDA or IBRD) will require the national assembly's approval before disbursing.

Their statement reads in part:

"For the record, the World Bank approved six projects (valued at $4.25 billion) for Nigeria in 2024, but actual disbursements between 2023 and 2024 stand at just $2.36 billion—far from the $9.5 billion claimed."

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Group accused Ndume over Tinubu's criticism

Thus, the group then accused Senator Ndume of misrepresenting the fact and politicising the value of the debt that the administration of President Tinubu had secured from the World Bank. It said that the total debt was $9.5 billion since resuming office in June 2023.

It then stated that it was inappropriate for the senator to propagate deliberate "concocted misleading figures", against the federal government to disparage Tinubu's effort. At the same time, incitement against the government should not be encouraged.

Source: Legit.ng