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.
In a statement titled “Where Are the Savings from Subsidy Removal?”, issued by its National Publicity Secretary, Dr. Joseph Obele, PETROAN raised concerns about the government’s continued reliance on loans, especially given Nigeria’s rising debt levels.
According to the group, President Bola Tinubu had pledged to reduce the country’s dependency on borrowing for public expenditure and assured Nigerians that the removal of the fuel…