Shehu Sani Accuses World Bank Of Prolonging Hardship In Nigeria

Former Kaduna Central Senator, Shehu Sani has stated that the World Bank is complicating Nigeria’s hardships, claiming that the institution aims to prolong suffering for another 15 years before the country can reach the ‘promised land’.

Senator Sani made the declaration after the World Bank stated in its latest edition of Africa’s Pulse report that the Nigerian Naira was among the worst-performing currencies in sub-Sahara Africa at the end of August 2024.

The report blamed the continued increase in the demand for dollars and limited dollar inflow for Naira depreciation in the last months.

The former Senator took to his X (formerly Twitter) handle on Wednesday to question the efficiency of the World Bank in eradicating the poverty level in the country.

“The World Bank wants the hardship to extend to the next fifteen years before we can reach the promise land. I don’t know how many people will be remaining at that time to enjoy the fruits of the WB in its promise land.

“The question is, ‘How many African countries have the World Bank taken to the promise land?” he queried.

The World Bank report suggested that the Naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region.

According to the report, the Naira lost about 43 percent as of August.

“By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region.

“The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 percent as of end-August.”

The World Bank report blamed surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the Central Bank of Nigeria for the weakening of the naira.