Minister Reveals How Buhari's Government Squandered $100M Loan For Women | READ FULL

Minister of Women Affairs, Uju Kennedy-Ohanenye, has publicly criticized the previous administration of President Muhammadu Buhari for allegedly mismanaging the initial $100 million of a $500 million World Bank loan intended for women's empowerment in Nigeria.

In an interview with Arise News on Monday, Ohanenye revealed that the $100 million was squandered on meetings, advocacy, and consultancy fees, rather than being utilized effectively to empower women as intended.

"The first $100 million, when I came in, I was not satisfied. It didn't align with the vision of the new President's Renewed Hope Agenda," Ohanenye said. She emphasized that the funds were a loan, not a grant, and stressed the necessity of proper management to ensure repayment.

The World Bank approved the $500 million loan on June 27, 2023, to improve the livelihood of women in Nigeria. Ohanenye commended President Bola Tinubu for his proactive involvement and his scrutiny of the initial $100 million expenditure.

"Let me first tell Nigerian women to applaud President Bola Ahmed Tinubu, who came in after the first $100 million had been expended. When he looked at it with me, we were not satisfied with how the money was used," she stated.

Ohanenye pointed out the importance of managing loan funds properly to ensure they can be repaid. "When some monies are loans, they must 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 expressed disappointment that the funds were primarily used for non-productive activities. "It was mainly used for advocacy, meetings, consultancies and that was it. They shared it among the states," she noted.

The minister's revelations highlight significant concerns about the management of international aid and loans, emphasizing the need for accountability and effective utilization to achieve the intended development goals.