Nigeria is about to lose both its seat on the Board of the Islamic Development Bank (IDB) and its membership of the bank due to failure to pay its dues. The bank has allegedly issued several warnings to this effect the Ministry of Finance has failed to comply.
The Muslim Rights Concern (MURIC) is deeply worried by this discovery. It is a sad reflection of the bureaucratic bottleneck often associated with some ministries and government agencies in this country.
Who did this to Nigeria? Who is responsible for this lapse? Who left undone what should have been done? Is it the permanent secretary or the minister? Or is the delay from the presidency? Has the president issued orders for release of the fund? Is somebody refusing to take action? Who wants Nigeria to lose its membership of IDB with the dire consequences of losing all the benefits the country has been gaining?
Although it was established since December 1973, the Nigerian office in Abuja was not opened until 22nd August, 2016. IDB has been of immense economic benefit to its 57-member countries. Its soft loans have been known to rubber-cushion the effect of harsh financial policies of other international finance institutions like the International Monetary Fund and World Bank.
We need urgent answers to these questions. The Ministry of Finance must speak up. The tax payers are asking questions. Voters are asking questions. The hoi polloi are asking questions. Kemi Adeosun must tell Nigerians what went amiss. Nigeria must not be kicked out of IDB. It had better not happen.
We cannot afford to lose the source of soft loans. We need more of such sources even if they come from the Vatican or the Ka’abah. Any interest-free borrowing is a relief from the strangulating conditionalities of IMF whose only value lies in pulling nations down in the stormy waters of indebtedness and collective misery.
As we round up, we demand full explanation for this lapse from the Minister of Finance. We implore the National Assembly to set the machinery in motion for investigating the circumstances which led to the delay in the payment of Nigeria’s due to IDB.
Muslim Rights Concern (MURIC)