IMPI slams Senator Ndume over World Bank loan claims
The Independent Media and Policy Initiative (IMPI) has faulted former Senate Chief Whip, Mohammed Ali Ndume, over his recent comments on World Bank loans secured by the Bola Tinubu administration, describing them as a deliberate misrepresentation of facts and a narrow understanding of Nigeria’s development needs.
In a statement signed by its Chairman, Dr. Omoniyi Akinsiju, the policy think tank stated that Ndume’s claim that the Tinubu government secured $9.5 billion in loans was false. Citing World Bank data, IMPI said Nigeria’s multilateral debt only rose modestly from $21.15 billion in 2023 to $22.32 billion in 2024—a 5.5 percent increase. In contrast, Nigeria’s debt to the International Monetary Fund (IMF) fell sharply from $2.47 billion to $800.23 million, indicating a strategic effort to manage the debt profile.
The group dismissed Ndume’s assertion that the loans bypassed legislative scrutiny, clarifying that all World Bank loans must be approved internally by the bank and then ratified by Nigeria’s National Assembly before disbursement. It also noted that although six World Bank projects worth $4.25 billion were approved in 2024, only $2.36 billion had been disbursed—far below Ndume’s $9.5 billion claim.
IMPI criticized the Senator’s attempt to politicize the loans and incite public distrust, stating that Nigeria’s debt portfolio under Tinubu is being handled with caution and prudence. “Rather than impugn the capacity and good standing of the government’s debt management approach, the Tinubu administration should be seen for what it is—a reform-focused government,” it said.
The policy group also expressed concern over Ndume’s dismissal of human capital development projects as intangible and of little value, calling the statement shortsighted. It stressed that modern development goes beyond physical infrastructure to include education, healthcare, and social protection—all of which are crucial to national productivity and long-term growth.
Highlighting global examples, IMPI said countries like India and China have succeeded by investing in both infrastructure and human capital, and that the World Bank loans secured by Nigeria are concessionary in nature—with low interest rates, long repayment periods of up to 40 years, and multi-year moratoriums.
It emphasized that no commercial bank would fund such projects due to their non-commercial nature, and that World Bank-backed loans are essential for financing development areas that stimulate economic inclusion and sustainability. “These soft but strategic investments are as important as roads and bridges,” the group stated.
IMPI concluded by urging public figures like Senator Ndume to provide accurate, evidence-based commentary on national issues. It also revealed that while Nigeria’s total debt rose to N144.67 trillion in naira terms, it actually declined from $108.23 billion in December 2023 to $94.23 billion by December 2024—an unprecedented $14 billion reduction that deserves acknowledgment.
