The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to turn down the recently approved $1.08 billion loan from the World Bank, urging instead a full-scale investigation into the disappearance and mismanagement of over N233 billion in public funds.
In a statement released on Sunday, SERAP pressed the President to direct the Attorney General of the Federation, Lateef Fagbemi, and relevant anti-corruption bodies to probe allegations of missing or diverted funds linked to several federal agencies, notably the Nigerian Bulk Electricity Trading Plc.
The organisation emphasized the need for legal action where warranted and the return of any recovered funds to the national treasury.
“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,” SERAP stated.
The advocacy group further advised that the recovered sum be channeled towards bridging the 2025 national budget deficit and alleviating Nigeria’s mounting debt crisis.
“The recovered N233 billion should be used to fund the deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis,” the statement added.
The World Bank approved the $1.08 billion loan last week, intended to support educational development, nutritional programs, and improve resilience among vulnerable populations in the country.
However, SERAP has voiced strong opposition, arguing that borrowing more money while vast public funds remain unaccounted for undermines the public interest.
In a separate letter signed by its Deputy Director, Kolawole Oluwadare, SERAP maintained that the government should focus on domestic accountability rather than external loans.
“The World Bank loan is neither necessary nor in the public interest, especially given the country’s crippling debt burden, and staggering amount of missing public funds from MDAs that your government has failed to probe or recover,” the letter read.
Citing findings from the Auditor-General’s 2021 report released on November 13, 2024, SERAP noted troubling financial discrepancies within NBET, including payments exceeding N96 billion for unrendered services, over N111 billion in unaccounted expenditures, and more than N2 billion in unrecovered debts.
The report also implicated other agencies such as the Nigerian Security Printing and Minting Company, the National Pension Commission, and the Federal Road Safety Corps in various financial irregularities.
The group warned that the growing debt obligations of Nigeria’s federal and state governments, as well as the Federal Capital Territory, are pushing the country further into economic distress.
“SERAP is seriously concerned that the Federal Government and Nigeria’s 36 states and the Federal Capital Territory continue to face a debt crisis, and vicious debt cycles or in debt distress or at high risk of debt distress.
“According to the UN Independent Expert on foreign debt and human rights, Nigeria faces debt service relative to tax revenues that exceed 20 per cent, with escalating social tensions linked to poverty and inequality.”
The organisation said the financial irregularities outlined in the Auditor-General’s report represent a serious breach of the Nigerian Constitution, domestic anti-corruption laws, and international obligations.
“The damning revelations about the missing N233 billion are documented in the 2021 audited report published on Wednesday 13 November 2024 by the Office of the Auditor-General of the Federation.
“The allegations suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations.”
SERAP concluded by urging prompt action from the Tinubu administration within seven days of the letter’s publication or receipt.
Failure to act, it said, would leave the organisation with no choice but to seek legal redress.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”
The group insists that tackling corruption and recovering missing funds is essential to restoring public confidence and strengthening the nation’s anti-corruption framework.
