SERAP Urges Tinubu to Reject $1.08bn World Bank Loan, Investigate Missing Funds
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. Instead, the group urges the President to instruct the Attorney General, Lateef Fagbemi, and anti-corruption agencies to investigate the alleged misappropriation of over N233 billion in public funds by various government agencies, including the Nigerian Bulk Electricity Trading Plc (NBET).
In a statement released on Sunday, SERAP emphasized that anyone found responsible for the missing funds should face prosecution, provided there is sufficient evidence. The group further called for the recovery of these funds to be returned to the public treasury.
“Anyone suspected of wrongdoing should face prosecution if there is sufficient admissible evidence, and all missing public funds should be fully recovered and remitted to the treasury,” SERAP stated.
SERAP also proposed that the recovered N233 billion be used to address the deficit in Nigeria’s 2025 budget and ease the country’s mounting debt crisis.
The World Bank loan, approved last week, is intended to improve education, nutrition, and resilience for underserved groups in Nigeria. However, SERAP raised concerns about the country’s growing debt burden and the unaccounted funds from several Ministries, Departments, and Agencies (MDAs), which have not been investigated or recovered.
In a separate letter, SERAP’s Deputy Director, Kolawole Oluwadare, argued that the World Bank loan is unnecessary and not in the public interest, given the significant amount of missing public funds and the government’s failure to probe or recover them. The group highlighted the Auditor-General’s reports showing that NBET paid over N96 billion for services not rendered, failed to account for over N111 billion, and did not recover more than N2 billion in debts. Other agencies, including the Nigerian Security Printing and Minting Company, the National Pension Commission, and the Federal Road Safety Corps, are also under scrutiny for alleged financial mismanagement.
“SERAP is deeply concerned about Nigeria’s escalating debt crisis, which is compounded by the unaccounted public funds,” the letter read. “The missing N233 billion is a grave violation of public trust and the nation’s anti-corruption laws.”
The group further pointed out that Nigeria’s debt service-to-tax ratio exceeds 20 percent, with rising social tensions linked to poverty and inequality.
SERAP is calling for urgent action to investigate and recover the missing funds, asserting that this will help restore public trust in the government’s anti-corruption efforts. The group has given the government a 7-day deadline to respond or face potential legal action.
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