The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Attorney General of the Federation, Mr. Lateef Fagbemi, SAN, and relevant anti-corruption agencies to promptly investigate the use of a $1.5 billion World Bank loan acquired by Nigeria’s 36 states and Abuja, meant for poverty reduction and social protection.
SERAP emphasized that any individuals involved in corruption or mismanagement should be prosecuted if sufficient evidence is found, and any proceeds of corruption should be fully recovered. The organization also urged the investigation of the alleged mismanagement of $3.121 billion in Chinese loans obtained by the Federal Government.
In an open letter dated August 10, 2024, and signed by SERAP’s deputy director, Kolawole Oluwadare, the group stressed the importance of holding those accountable for the spending of both the World Bank and Chinese loans, with the ultimate aim of reinforcing the rule of law.
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SERAP also called for the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly monitor the spending of the World Bank loan to ensure transparency.
“Impunity for corruption in the management of these loans will persist as long as high-ranking public officials remain unpunished for their alleged crimes,” SERAP stated. The organization highlighted reports suggesting that both the $1.5 billion World Bank loan and the $3 billion Chinese loans may have been mismanaged or diverted, and that the funds remain unaccounted for.
