A civil society group, the Socio-Economic Rights and Accountability Project, has asked President Bola Tinubu to reject a $1.08 billion loan recently approved by the World Bank.
In a statement released on Sunday, SERAP said the President should instead direct the Attorney General of the Federation, Lateef Fagbemi, and anti-corruption agencies to investigate how over N233 billion in public funds went missing or was unaccounted for in several government agencies.
SERAP noted that the money could be recovered and used to reduce the 2025 budget deficit and ease Nigeria’s growing debt burden.
“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 group said.
The group argued that borrowing more money was not in the best interest of Nigerians, especially when there were serious questions about the handling of public funds.
In a letter signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group said, “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 cited findings from the 2021 audit report by the Auditor-General’s office. The report, published on November 13, 2024, revealed that the Nigerian Bulk Electricity Trading Plc (NBET) paid over N96 billion for services not delivered, could not account for more than N111 billion, and failed to recover over N2 billion in debts.
The group also pointed out allegations of financial mismanagement in other government bodies, including the Nigerian Security Printing and Minting Company, the National Pension Commission, and the Federal Road Safety Corps.
“The damning revelations about the missing N233 billion suggest a grave violation of the public trust, the Nigerian Constitution, anti-corruption laws, and international obligations,” SERAP stated.
The group urged the government to act within seven days or face legal action.
“We would be grateful if the recommended measures are taken within seven 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 letter read.
SERAP said investigating and punishing those responsible would improve public trust and show the government is serious about fighting corruption.
