The Socio-Economic Rights and Accountability Project (SERAP), called on President Bola Tinubu to reject the recently approved $1.08 billion loan from the World Bank, urging him to instead direct the Attorney General, Lateef Fagbemi, and anti-corruption agencies to investigate allegations that over N233 billion in public funds have gone missing or been misappropriated by various government agencies.
In a statement issued on Sunday, SERAP emphasized the need for accountability, stating that anyone found responsible for the missing funds should face prosecution, provided there is sufficient evidence.
Furthermore, it called for any recovered funds to be returned to the public treasury.
“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,” SERAP said.
The organization also proposed that the recovered N233 billion be used to address the deficit in the 2025 budget and help alleviate Nigeria’s ongoing debt crisis.
“The recovered N233 billion should be used to fund the deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis,” SERAP added.
The World Bank loan, approved last week, is intended to support efforts to improve education, nutrition, and resilience for underserved groups in Nigeria.
However, SERAP expressed concerns over the wisdom of incurring further debt given the country’s already heavy financial burdens and the unresolved issue of missing funds.
In a letter signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization stated, “The World Bank loan is neither necessary nor in the public interest, especially given the country’s crippling debt burden, and the staggering amount of missing public funds from MDAs that your government has failed to probe or recover.”
SERAP highlighted troubling findings from the Auditor-General’s office, which revealed that the Nigerian Bulk Electricity Trading Plc (NBET) had paid over N96 billion for services not performed, failed to account for more than N111 billion, and did not recover over N2 billion in outstanding debts.
Other government agencies, including the Nigerian Security Printing and Minting Company, the National Pension Commission, and the Federal Road Safety Corps, were also implicated in allegations of financial mismanagement.
The letter further 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 are in debt distress or at high risk of debt distress.”
It cited reports from the UN Independent Expert on foreign debt and human rights, noting that Nigeria’s debt service relative to tax revenues exceeds 20 percent, with rising social tensions driven by poverty and inequality.
The damning revelations about the missing N233 billion were detailed in the 2021 audited report published by the Office of the Auditor-General of the Federation on November 13, 2024.
SERAP pointed out that these allegations represent a grave violation of public trust, as well as a breach of the Nigerian Constitution, anti-corruption legislation, and international anti-corruption obligations.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the letter read.
SERAP concluded by urging the President to take action within seven days of receiving or reading the letter.
If no response is received, the group warned that it would pursue legal actions to compel the government to act in the public interest.
The organization reiterated its stance that Nigeria should prioritize investigating and recovering the missing funds before seeking further loans, stressing that doing so would help restore public confidence in the government’s anti-corruption efforts.
