Finance Minister Oyedele Faults Nigerians for Attacking World Bank Over Loans

Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele has criticized Nigerians who verbally attacked the World Bank on social media over its decision to grant loans to Nigeria, saying the backlash reflected a lack of understanding of how the system works.

Speaking at a media briefing in Abuja on Wednesday, Oyedele revealed that angry comments forced the World Bank to disable its comment section, but stressed that the loan had already been secured.

He used an Automated Teller Machine (ATM) analogy to illustrate his point, explaining that people without knowledge of how the system operates could wrongly assume unfairness and mobilize against it. “After breaking the bank and the ATM and beating people up, they still can’t collect money ’cause that’s not how the system works,” he said.

Oyedele emphasized that Nigerians need proper knowledge to hold government accountable effectively. “Part of your ability to hold government to account is having the right knowledge. If you don’t, you’re wasting your energy,” he added.

He also warned against manipulating economic data for political purposes, noting that some individuals might twist reform scorecard figures to suit campaign narratives.

The briefing, held at the Federal Ministry of Finance, was part of the presentation of Nigeria’s Reform Scorecard, following President Bola Tinubu’s directive for public accountability on the benefits and costs of economic reforms since 2023.

Click to signup for FREE news updates, latest information and hottest gists everyday

Advertise on NOP NIGERIA to reach thousands of our daily users