Moghalu reacts as FG seeks $1.5bn loan to finance purchase of SUVs worth N160m for Rep members

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has reacted to the federal government’s plan to borrow $1.5 billion from the World Bank.

This comes after rife reports emerged that the Federal Government was engaging the World Bank on a fresh $1.5bn loan.

The objective of the loan is to strengthen systems for improved delivery of basic education and primary health services in participating states.

Reacting, Moghalu on his X official page said Nigeria is becoming a carcass, “and our political class its scavengers.”

“There is a real problem when Nigeria is set to borrow another $1.5 billion from @WorldBank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country.

“Nigeria is becoming a carcass, and our political class its scavengers,” he wrote.