In a bold move reflecting growing public discontent over unchecked government spending, the Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan and instead focus on recovering over N233 billion in allegedly missing, diverted, or unaccounted public funds.
In a letter dated April 5, 2025, and signed by SERAP Deputy, Director Kolawole Oluwadare, the advocacy group urged Tinubu to mandate the Attorney General of the Federation (AGF) Lateef Fagbemi (SAN), and relevant anti-corruption agencies to investigate and prosecute those responsible for the financial discrepancies uncovered in the 2021 audited report by the Office of the Auditor-General of the Federation.
The World Bank loan, approved last week, is intended to improve education, nutrition, and community resilience across Nigeria.
However, SERAP insisted that accepting the loan would be irresponsible given the country’s mounting debt burden and failure to address internal financial mismanagement.
“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 wrote.
The human rights group argued that rather than accumulating more debt, the government should prioritise the recovery of the missing N233 billion and channel it into bridging the 2025 budget deficit and easing the debt crisis.
According to the Auditor-General’s report published in November 2024, the Nigerian Bulk Electricity Trading Plc (NBET) is at the center of the financial storm.
NBET allegedly paid over N96 billion for services not rendered and goods not delivered.
Furthermore, it reportedly spent over N111 billion in 2021 without proper documentation or accountability.
NBET also failed to recover outstanding revenues exceeding N2.8 trillion, according to SERAP’s summary of the audit report.
These allegations, SERAP noted, are separate from earlier claims that NBET disbursed N100 billion to companies for unexecuted projects.
But NBET is not alone. The Nigerian Security Printing and Minting Company (NSPM) failed to remit over N10 billion in collected taxes and could not account for an additional N14 billion in contract-related payments.
The agency also allegedly retained government vehicles worth more than N400 million without proper documentation.
In another troubling revelation, the National Pension Commission failed to remit over N4 billion of internally generated revenue to the Consolidated Revenue Fund, while the Federal Ministry of Works paid over N1 billion without supporting documents.
The Federal Road Safety Corps (FRSC) was also flagged for financial irregularities. The agency reportedly printed 52,714 National Driver’s Licences in 2020 worth N316 million but failed to account for the funds.
It also allegedly diverted over N3.5 billion collected for driver’s licences into commercial bank accounts instead of remitting them to government accounts.
“These allegations suggest a grave violation of public trust, the Nigerian Constitution, and international anti-corruption obligations,” SERAP stated.
The organisation emphasised that Nigeria’s debt situation is dire. Citing a report by the United Nations Independent Expert on foreign debt and human rights, SERAP highlighted that the country’s debt service exceeds 20% of its tax revenue, placing enormous strain on public services and contributing to rising inequality and poverty.
SERAP warned that continued borrowing without accountability only deepens Nigeria’s economic woes.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the letter read.
Quoting Sections 13, 15(5), and 16(1) of the Nigerian Constitution, SERAP reminded the Tinubu administration of its constitutional obligation to fight corruption, ensure social justice, and safeguard public welfare. The organization also pointed to Nigeria’s commitments under the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption.
SERAP’s letter concluded with a firm ultimatum: “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.”
