The Petroleum Products Retail Outlets Owners Association of Nigeria has criticised the Federal Government’s plan to secure a $500 million loan from the World Bank to support basic education. On 26 September 2024, the World Bank approved $500m for HOPE-GOV and $570m for HOPE-PHC. According to the Programme Information Document for the loan project, obtained by PUNCH on Friday, the loan is expected to receive formal approval by March 2025. Obele observed that many Nigerians were alarmed by the government’s frequent requests for external loans amounting to billions of dollars. He stressed that while borrowing can be beneficial when used for productive purposes, it becomes harmful when directed towards mere consumption.

Source: Punch October 20, 2024 00:35 UTC