World Bank Loans: Oyedele Faults Nigerians For Attacking Lender

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 loans to the country, saying their actions showed a lack of understanding of how the financial system works.

Oyedele spoke in Abuja during a media briefing on the federal government’s economic reform scorecard, where he said some Nigerians had taken to the World Bank’s social media platforms to criticise and abuse the institution over its decision to lend money to Nigeria.

According to him, the backlash became so intense that the World Bank eventually disabled comments on its social media platforms.

“People went to the social media account of the World Bank to go and be abusing them that they’re giving Nigeria loan. World Bank just switched off the comments. We’ve gotten the loan because that’s not how the system works,” he said.

Oyedele used the operation of an Automated Teller Machine (ATM) to explain why he believed some Nigerians were criticising the World Bank without understanding how lending works.

He said people who did not understand how an ATM operates could see others withdrawing money and wrongly conclude that the system was favouring certain individuals.

According to him, such people could mobilise others to protest against and destroy the ATM without realising that money must first be deposited in a bank before it can be withdrawn.

“After breaking the bank and the ATM and beating people up, they still can’t collect money ’cause that’s not how the system works,” he said.

The minister said the same principle applied to economic policies and financial systems, stressing that citizens needed a proper understanding of how such systems operate before criticising government decisions.

“If you don’t understand how the system works, you waste energy,” Oyedele said.

He added that understanding economic policies and financial systems would enable Nigerians to hold the government accountable more effectively.

Oyedele also warned against the manipulation of economic data for political purposes, saying some individuals might attempt to distort figures contained in the government’s reform scorecard to advance their political interests.

He urged Nigerians to consider whether their actions were aimed at building or undermining the country as the government continued to implement its economic reforms.

The briefing was held under the theme: “Nigeria’s Reform Scorecard: The Benefits and Harms Prevented,” following President Bola Tinubu’s directive for the Finance Minister to publicly account for the gains, costs and impact of the administration’s economic reforms since 2023.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has criticised Nigerians who attacked the World Bank on social media over its loans to Nigeria, saying their actions reflected a lack of understanding of how the system works.

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

The minister said some Nigerians had taken to the World Bank’s social media platforms to abuse the institution over its decision to lend money to Nigeria, prompting the bank to disable comments.

“People went to the social media account of the World Bank to go and be abusing them that they’re giving Nigeria loan. World Bank just switched off the comments. We’ve gotten the loan because that’s not how the system works,” he said.

Using an Automated Teller Machine as an analogy, Oyedele explained that people could easily criticise or attack a system they did not understand without addressing the actual problem.

He said people unfamiliar with how an ATM operates might see others withdrawing money and mistakenly conclude that the government was allowing only certain individuals to access funds.

According to him, such people could mobilise others to protest and even destroy the ATM without understanding that money must first be deposited in the bank before it can be withdrawn.

“After breaking the bank and the ATM and beating people up, they still can’t collect money ’cause that’s not how the system works,” Oyedele said.

The minister said the same principle applied to economic issues, stressing that Nigerians needed adequate knowledge to understand how government policies and financial systems operate before criticising them.

“If you don’t understand how the system works, you waste energy,” he said, adding that having the right knowledge was essential for citizens to effectively hold the government accountable.

Oyedele also warned against manipulating economic data for political purposes, saying some people could attempt to distort figures contained in the government’s reform scorecard to suit their political interests.

He urged Nigerians to examine whether their actions were aimed at building or undermining the country, as the government continued to implement its economic reforms.

The briefing was held under the theme, “Nigeria’s Reform Scorecard: The Benefits and Harms Prevented,” following President Bola Tinubu’s directive for the Finance Minister to publicly account for the gains, costs and impact of the administration’s economic reforms since 2023.