Assistance for the North-East is test case for Buhari government’s resolve on corruption
AS the epicentre of the inhuman activities of the Boko Haram, the northeast obviously deserves a lifeline, either for rebuilding devastated infrastructure or assisting in resettling the over one million Internally Displaced Persons (IDPs) from that area. This is why we welcome the low interest rate loan of $2.1billion from the World Bank, through its International Development Agency (IDA). According to agreed terms of the loan, the first 10 years will be interest-free, with additional provision for a further 30 years that would offer interest rate that is lower than the prevailing capital market rate.
The fact that Boko Haram insurgents in the last six years have consistently unleashed inconceivable terror on the entire north gives a background understanding to the eagerness of not only the World Bank to assist through this loan, but the world’s desire to give succour to the affected people. This perhaps informed President Muhammadu Buhari’s commendation of the World Bank package at a meeting with representatives of the bank and others, as part of activities marking his recent four-day state visit to the US. The president urged the World Bank to send a team that would work in concert with the government’s team to identify areas of need. We agree that without this collaboration, it is doubtful if the bank can make any meaningful impact with the repayable fund.
But again, we should not lose sight of the fact that once the country has met the bank’s processes of award, the loan belongs to Nigeria and not the World Bank. Although we are not oblivious of the mismanagement of some previous loans from the bank and other sources; we strongly believe that the World Bank should not be dictating to the nation how such funds would be spent. If experience is anything to go by, the bank usually, under the guise of providing assistance, spends a large chunk of such loan on consultants and others brought by it to supervise and lay the foundation for utilisation of the money.
What the nation as a sovereign entity does with borrowed money is her business even though we, without equivocation, abhor imprudent spending of public funds — be it grants or funds generated by any government. This is where this particular loan for the rebuilding of the infrastructural and human capital development of the northeast becomes a test case and a big challenge to the President Buhari administration. Nigerians and indeed the entire world are patiently waiting to see how the government would disburse the loan and for what purposes.
The tasks of rebuilding infrastructure, resettling displaced people and restoring reasonable peace in the northeast with this loan might become herculean when realised that theBoko Haram war is still growing in intensity. This is where we expect the government to set out clearly, ab initio; the action plan for the fund; and within what framework. This will ensure tracking of progress made between funds disbursed and achievements on ground. We are concerned about the security situation in the northeast and indeed the entire country.
We want to remind President Buhari that the battle against graft is one of the strong reasons why Nigerians voted for him in the March 28 presidential election. At the end of the day, what we want to see is how far his administration can go in tackling the issue of corruption in funds management, including of course this northeast World Bank loan.
