The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to reject the recently approved $1.08 billion loan from the World Bank and instead focus on investigating and recovering over N233 billion allegedly missing, diverted, or unaccounted for by government agencies.
In a statement released on Sunday, SERAP asked the President to direct the Attorney General of the Federation, Lateef Fagbemi, and relevant anti-corruption bodies to investigate allegations of widespread financial mismanagement, including those involving the Nigerian Bulk Electricity Trading Plc (NBET), and prosecute those found culpable.
“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered and remitted to the treasury,” the organisation stated.
The World Bank loan, approved last week, was intended to support education, nutrition, and resilience among vulnerable populations in Nigeria. However, SERAP argued that securing additional loans amid a mounting debt crisis and unresolved cases of missing funds is not in the nation’s best interest.
Citing the 2021 audited report by the Office of the Auditor-General of the Federation, SERAP highlighted that NBET paid over N96 billion for services not rendered, failed to account for over N111 billion, and neglected to recover more than N2 billion in outstanding debts. Similar financial irregularities were noted in other agencies, including the Nigerian Security Printing and Minting Company, the National Pension Commission, and the Federal Road Safety Corps.
“The recovered N233 billion should be used to fund the deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis,” SERAP proposed.
In a separate letter signed by its Deputy Director, Kolawole Oluwadare, SERAP warned that the World Bank loan is “neither necessary nor in the public interest,” especially in the face of increasing debt servicing costs and allegations of financial malpractice.
The group also referenced a UN Independent Expert’s findings, which show Nigeria’s debt servicing obligations exceed 20% of tax revenues, creating “vicious debt cycles” and exacerbating social tensions due to poverty and inequality.
SERAP gave the Federal Government a seven-day ultimatum to act on its recommendations, stating that it would take appropriate legal actions if its request is ignored.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the statement read.
The rights group concluded by urging the Tinubu administration to prioritise financial accountability and public trust over acquiring more debt.
