Minister of Women Affairs, Uju Kennedy-Ohanenye, has revealed that the administration of former President Muhammadu Buhari misused the initial $100 million of a $500 million World Bank loan intended for women empowerment on meetings, advocacy, and consultancy.
In an interview with Arise Television on Monday, Ohanenye stated, “Buhari’s government lavished the $100 million on meetings, advocacy, and consultancy.”
The World Bank had approved the $500 million loan for Nigeria on June 27, 2023, to improve the livelihood of women. Ohanenye praised President Bola Tinubu for his proactive involvement in scrutinizing the expenditure of the initial funds.
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She emphasized the importance of proper management of the loan, noting that it is not a grant and must be repaid.
“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?” Ohanenye asked.
The minister was critical of the previous administration’s handling 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.”