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Middle Belt Leaders urge FG to cancel last-minute $800m loan request



Middle Belt Leaders urge FG to cancel last-minute $800m loan request

The Federal Government (FG) has been urged by the Southern and Middle Belt Leaders Forum (SMBLF) to withdraw its proposal for a new 0 million loan from the World Bank.


In a letter to the Senate dated May 10, President Muhammadu Buhari requested authorization to accept the loan in order to mitigate the impact of the termination of subsidies.

However, in a statement released following their key meeting on Thursday, the leaders of the southern and middle belt regions expressed concern over the nation’s massive debt, particularly as President Buhari’s term comes to an end on May 29.

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“SMBLF notes with serious concern, the continued snowballing level of indebtedness being incurred by the Federal Government, particularly the recent request for $800 million World Bank loan, and calls on the Federal Government (FG) to rescind that request,” the statement read.

“Decries the rising cost of living in the country and the hyperinflation rate, confining a vast majority of ordinary Nigerians to a dire state of survival. Implores government at all levels to take urgent, practical steps to rejig the economy, check inflation and help improve citizens’ well-being and prospects.”

The SMBLF encouraged the judiciary to be transparent in deciding all petitions submitted to it. This was in reference to the post-election lawsuits before the Abuja tribunal.


It applauds Nigerian youths for voting in the national elections of 2023, praising their bravery and cunning.

The southern and middle belt leaders urged them not to give up despite some of the apparent results, stating that “the fight for the necessary change has just begun.”