By Sandra Kenneth
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has criticized citizens targeting global financial institutions over sovereign borrowing, asserting that public criticism must be grounded in an understanding of economic systems.
Speaking in Abuja during a media presentation on the Federal Government’s economic reform scorecard, titled “Nigeria’s Reform Scorecard: The Benefits and Harms Prevented,” Oyedele addressed recent online hostility directed at the World Bank following its approval of loans to Nigeria. He noted that the influx of abusive comments prompted the international lender to disable comment sections on its social media platforms.
“People went to the social media account of the World Bank to abuse them for giving Nigeria a loan,” Oyedele said. “The World Bank simply switched off comments. We still received the loan because that is not how the system works.”
Illustrating his point, the minister used an Automated Teller Machine (ATM) analogy to describe the pitfalls of misinformed public discourse. He explained that individuals unfamiliar with banking mechanics might see users withdrawing funds and mistakenly accuse the government of favoring select citizens.
According to Oyedele, such misconceptions can lead to misguided agitation, where protest leaders mobilize crowds to destroy the ATM or assault legitimate users, failing to grasp that money must first be deposited before it can be withdrawn.
“After breaking the bank and the ATM, they still cannot collect money because that is not how the system works,” Oyedele remarked, emphasizing that constructive civic engagement requires financial literacy. “Part of your ability to hold government to account is having the right knowledge. If you don’t, you are wasting your energy.”
The minister also cautioned political figures against misinterpreting or manipulating economic indicators from the reform scorecard for campaign purposes.
“I know some people will take this data and turn it upside down for political campaigns,” he warned, urging citizens to evaluate whether their actions contribute to national development or division.
The briefing was convened following a directive from President Bola Tinubu requiring the finance ministry to publicly present an account of the benefits, costs, and overall impact of the administration’s economic reforms implemented since 2023.
