Minister of Women Affairs, Uju Kennedy-Ohanenye, has leveled serious allegations against the previous administration led by former President Muhammadu Buhari, accusing them of misusing a substantial portion of a $500 million World Bank loan intended for women empowerment in Nigeria. In a candid interview with Arise News, Ohanenye expressed deep concern over how the initial $100 million of the loan was purportedly squandered on activities that she deemed non-essential.
“It is unfortunate that the $100 million allocated for the Nigeria for Women Project was lavished on meetings, advocacy, and consultancy,” remarked Ohanenye, highlighting what she perceives as a misuse of public funds. This revelation comes amidst growing scrutiny and public outcry over financial mismanagement in previous governmental initiatives.
The World Bank, recognizing the critical need to support women’s livelihoods in Nigeria, had approved a substantial loan of $500 million on June 27, 2023. This loan was intended to bolster initiatives aimed at empowering Nigerian women, a demographic that often faces significant socio-economic challenges.
Acknowledging the complexities of managing such a sizable loan, Minister Ohanenye commended President Bola Tinubu for his proactive approach in overseeing the project, particularly in scrutinizing the initial $100 million expenditure. “President Bola Ahmed Tinubu deserves commendation for his diligence in addressing the mismanagement of the initial funds,” she emphasized, underscoring the importance of responsible financial stewardship.
Contrary to misconceptions, Ohanenye clarified that the funds were not a grant but a loan, stressing the imperative of judicious financial management to ensure successful repayment. “When funds are provided as loans, they must be managed with prudence to generate returns that facilitate repayment,” she elucidated, highlighting the fiduciary responsibilities associated with borrowed funds.
“In essence, proper utilization of loaned funds is crucial to prevent a perpetuation of Nigeria’s debt burden,” Ohanenye emphasized. She lamented that upon assuming her role, she found the initial $100 million allocation predominantly utilized for less substantive activities such as advocacy and consultancies, rather than tangible projects aligned with the administration’s developmental objectives.
“The expenditure did not align with the vision of President Tinubu’s Renewed Hope Agenda,” the minister lamented, hinting at a misalignment between financial allocation and strategic national priorities. Moreover, she criticized the dispersal method, noting that the funds were unevenly distributed among the states, potentially exacerbating disparities in women’s empowerment initiatives across the nation.
Looking forward, Ohanenye affirmed her commitment to rectifying past fiscal missteps and optimizing the remaining loaned funds to achieve sustainable outcomes. She stressed the importance of transparency and accountability in financial administration, vowing to implement stringent oversight measures to safeguard against future financial mismanagement.
As the debate over the utilization of the World Bank loan intensifies, Minister Ohanenye remains resolute in her advocacy for women’s empowerment, pledging to leverage the remaining funds effectively to catalyze positive socio-economic change for Nigerian women. “We owe it to future generations of Nigerian women to ensure that these funds are utilized prudently and effectively,” she concluded, reaffirming her dedication to advancing gender equality and economic empowerment through responsible governance and strategic investment.
