Abuja, Nigeria – June 24, 2024:
Minister of Women Affairs, Uju Kennedy-Ohanenye, has disclosed that the administration of former President Muhammadu Buhari mismanaged the initial $100 million of a $500 million World Bank loan intended for women’s empowerment, spending it predominantly on meetings, advocacy, and consultancy.
In an interview with Arise Television on Monday, Ohanenye detailed how the funds, meant to improve the livelihood of women in Nigeria, were squandered on non-productive expenses. The World Bank had approved the $500 million loan on June 27, 2023, with the objective of supporting women’s empowerment initiatives across Nigeria.
Ohanenye commended President Bola Tinubu for his proactive oversight and scrutiny of the initial expenditure. She emphasized the significance of managing the loan responsibly to ensure repayment, highlighting the financial obligations tied to the loan.
“About the Nigeria for Women Project, let me first tell Nigerian women to clap for President Bola Ahmed Tinubu, who came in after the first $100 million had been expended,” Ohanenye said. “When he came in, he looked at it with me and we were not satisfied with how the $100 million was used.”
She stressed that the loan is not a grant, underscoring the necessity of its proper utilization to facilitate repayment. Mismanagement of the funds, she argued, would jeopardize Nigeria’s financial stability.
“This is not a grant, it is a loan and when some monies are loans, they must have to be managed well so that the loans can be paid back. If you don’t manage it well, how do we pay back the loan?” she explained.
Ohanenye criticized the previous administration’s use of the funds, stating, “The first $100 million, when I came in, I was not satisfied. It didn’t augur well with the vision of the new President’s Renewed Hope Agenda. It was mainly used for advocacy, meetings, consultancies and that was it. They shared it among the states.”
The minister’s revelation has sparked discussions about accountability and the need for stringent oversight in the management of international loans. The misuse of the initial $100 million underscores the importance of transparency and efficiency in executing projects aimed at empowering Nigerian women.
As the country looks to optimize the remaining $400 million, the current administration’s approach to financial management will be closely watched to ensure that the funds achieve their intended purpose and contribute meaningfully to the nation’s development.