The National Association of Nigerian Students (NANS) has condemned the Federal Government for planning to borrow the sum of $750m from the World Bank according to a statement released by the organisation. The association also expressed displeasure with the continued strike by the Academic Staff Union of Universities (ASUU).
The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Friday announced that the Federal Government is in the process of accessing a $750m World Bank loan for states. She said the facility would boost the local economy in the various states. She also said that the Federal Government is also considering the cause and consequences of civil unrest and COVID-19 across the country.
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But NANS in a statement jointly signed by the chairmen of NANS Zone D and its Public Relations Officer, Kazeem Israel said, “As an association, we frown on the plan of the Federal Government to take a loan of $750m from the World Bank. This is not unconnected from the fact that the basis for borrowing is always false because it is not the case that we don’t have enough wealth to finance our developmental objectives as a country.
But, on the basis of capitalism, 80 percent of the wealth of Nigeria is trapped in the hands of a minority few which comprises local capitalists and their imperialists masters.
If there had been a judicious and democratic management of the wealth that belongs to us as a people, it is enough to finance our developmental objectives.
‘The borrowings and loans have become another conduit pipe for looting public resources and that explains why over the last 20 years, the enormous public debt once accumulated has not translated into any meaningful development in solving the problems we are plagued with as a people.’
AFRICA DAILY NEWS, NEW YORK
