The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to initiate a thorough investigation into the utilization of the $1.5 billion World Bank loan allocated to Nigeria’s 36 states and Abuja for poverty alleviation and social protection programs.
SERAP has also requested a probe into the $3.121 billion in Chinese loans acquired by the Federal Government.
In a statement, SERAP urged President Tinubu to instruct Attorney General Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to urgently scrutinize the disbursement and use of these funds. The organization stressed the importance of prosecuting any individuals found guilty of corruption or mismanagement and ensuring that any misappropriated funds are fully recovered.
SERAP emphasized the need for the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to collaborate in monitoring the spending of the $1.5 billion World Bank loan. The organization highlighted the critical importance of transparency and accountability in managing these loans, noting that impunity for corruption will persist as long as high-ranking officials remain unpunished for their alleged misconduct.
In an open letter dated August 10, 2024, signed by SERAP Deputy Director Kolawole Oluwadare, the organization argued that ensuring accountability in the handling of both World Bank and Chinese loans would reinforce public trust in democratic institutions and strengthen the rule of law. SERAP pointed out that allegations of corruption in the management of these loans have hampered efforts to address poverty and economic inequality in Nigeria.
The letter also underscored that while sitting governors may be immune from arrest and prosecution, they are not exempt from investigation. SERAP suggested that findings from such investigations could serve as grounds for impeachment proceedings if warranted.
SERAP expressed concern over the persistent lack of transparency in the management of these loans, warning that continued impunity would further erode public confidence. The organization urged President Tinubu to take swift action, warning that failure to do so would prompt legal action to compel compliance in the public interest.
The call to action comes amid growing concerns about the misuse and lack of accountability regarding international loans. SERAP noted that the $1.5 billion World Bank loan, approved on December 15, 2020, was intended to support Nigeria’s recovery from COVID-19 and reduce poverty through improved access to education, healthcare, and social services. Similarly, the $3.121 billion in Chinese loans were earmarked for critical infrastructure projects, including railway modernization and airport expansion.
SERAP concluded by stressing that the Nigerian Constitution and international anti-corruption treaties oblige the government to investigate and prosecute any misuse of these loans. The organization called on the government to fulfill its duty to the Nigerian people by ensuring that funds intended for development are used appropriately and effectively.
