Abuja, April 6, 2025 – The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reject the recently approved $1.08 billion loan from the World Bank.
The $1.08 billion was approved by the World Bank last week.
SERAP said rather, the President should direct the Attorney General, Lateef Fagbemi, and anti-corruption agencies to investigate allegations that N233bn of public funds were missing, diverted, or unaccounted for by various government agencies.
A statement signed by SERAP said It gave the advice in letter dated April 5, 2025 and signed by its Deputy Director, Kolawole Oluwadare.
In the letter, SERAP urged President Tinubu not to accept the new loans in view of the country’s rising debt profile, especially when large sums of public money remain unaccounted for.
“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.”
SERAP urged the government to recover the missing funds and redirect them toward addressing the nation’s budget deficit and debt burden.
It said that anyone responsible should face prosecution if there is enough evidence and that any recovered funds should be returned to the public treasury.
SERAP also advised that the recovered N233 billion should be used to fund the deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis,” SERAP stated.
“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 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 said.
It said they would be grateful if the recommended measures were 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,” SERAP said.
