Prominent Nollywood actor and politician, Kenneth Okonkwo, has expressed his dissatisfaction with the ruling All Progressives Congress (APC) regarding Nigeria’s mounting debt profile.
Okonkwo’s remarks come as the World Bank Group recently approved two loans to support various sectors in Nigeria.
News About Nigeria understands that the first loan, amounting to $750 million, was approved by the World Bank on June 9, 2023, with project ID P174622. It marks the first World Bank loan granted under the administration of President Bola Tinubu.
The funds are designated to boost Nigeria’s power sector and are part of the Power Sector Recovery Performance-Based Operation, which initially received approval on June 23, 2020.
In addition to the power sector loan, the World Bank has also approved a $500 million loan to support women’s empowerment in Nigeria.
This loan serves as a scale-up financing for the Nigeria for Women Programme, which had initially been approved on June 27, 2018, with $100 million in financing.
A statement by the World Bank read in part, “The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.”
Speaking in a recent post via his Twitter handle, Okonkwo opined that the APC constantly borrows money before thinking of what to do with it
Kenneth Okonkwo’s criticism of the APC stems from concerns over Nigeria’s growing debt burden. The loans provided by the World Bank raise questions about the sustainability and management of the country’s debt profile.
He wrote, “APC is so incompetent and dishonest that it borrows money before thinking of what to do with it. Nigeria is now living in the bondage of debt. God, please deliver us”
