The World Bank had approved a new $500 million loan on June 27, 2023, aimed at enhancing the livelihood of women in Nigeria. In response to how the initial $100 million was utilized, Minister Ohanenye praised President Bola Tinubu for his proactive engagement in the project, particularly his scrutiny of the expenditure.
In her statement, Minister Ohanenye emphasized that the funds were not a grant but a loan, highlighting the critical importance of effective management to ensure repayment. She stated, “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 went on to explain, “That was when he came in and when he came in, he looked at it with me and we were not satisfied with how the $100 million was used. Let me make it clear. 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?”
Furthermore, she stressed the need for responsible utilization of the loan to ensure it generates returns that can facilitate repayment to prevent further indebtedness. Ohanenye expressed her dissatisfaction with the previous allocation of the $100 million, stating that it did not align with the vision of the new administration’s Renewed Hope Agenda.
“It was mainly used for advocacy, meetings, consultancies, and that was it. They shared it among the states,” Minister Ohanenye remarked. By highlighting the importance of prudent management and accountability in utilizing the loan funds, she reiterated the significance of ensuring that the investments lead to tangible outcomes for empowering women in Nigeria.CONTINUE FULL READING>>>>>
