Oyedele Faults Nigerians for Attacking World Bank Over Loans

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has faulted Nigerians who attacked the World Bank on social media over its decision to grant loans to Nigeria.

Oyedele spoke on Wednesday in Abuja at a media briefing on the Federal Government’s economic reform scorecard.

He said some Nigerians went to the World Bank’s social media account to criticise and abuse the institution over its lending to Nigeria, prompting the bank to disable comments on the platform.

According to the minister, the reaction demonstrated a lack of understanding of how the World Bank’s lending system works.

Oyedele used an Automated Teller Machine analogy to explain what he described as the consequences of criticising a system without understanding its operations.

He said people who did not understand how an ATM worked could see others withdrawing money and mistakenly conclude that the government was unfairly allowing only certain people to access the funds.

He explained that such people could mobilise others against the system and even damage the ATM without understanding that money had to first be deposited into the bank before it could be withdrawn.

Oyedele said the same principle applied to the World Bank, stressing that Nigeria’s access to loans was based on established processes and conditions.

The minister urged Nigerians to better understand how international financial institutions operate before criticising their lending decisions.

He said the government’s economic reforms and engagement with development partners were aimed at improving Nigeria’s financial position and supporting economic growth.