The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to take decisive action by ordering a comprehensive investigation into the use of significant loans obtained by Nigeria.
Specifically, SERAP has urged the President to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to thoroughly probe the spending of a $1.5 billion World Bank loan acquired by Nigeria’s 36 states and the Federal Capital Territory, Abuja, intended for poverty reduction and social protection initiatives.
In addition to this, SERAP has also appealed to President Tinubu to mandate an immediate investigation into the alleged mismanagement of Chinese loans totaling $3.121 billion that were secured by the Federal Government. These loans, meant to support various national development projects, are now under scrutiny for potential financial mismanagement.
This appeal was made in an open letter dated August 10, 2024, and signed by SERAP’s deputy director, Kolawole Oluwadare.
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The letter emphasized the importance of accountability in the management of these international loans, stressing that ensuring transparency and responsibility in their use would enhance public trust in democratic institutions and strengthen the rule of law in Nigeria.
SERAP has called for the prosecution of any individuals found guilty of corruption or mismanagement, contingent on the availability of sufficient admissible evidence. The organization further insisted that any assets or funds acquired through corrupt means should be fully recovered and returned to the public coffers.
The letter from SERAP partly reads, “Investigating and prosecuting allegations of corruption and mismanagement in the spending of World Bank loans and Chinese loans would be entirely consistent with the Nigerian Constitution, and the country’s international anti-corruption obligations.“
“We note that while a governor may enjoy immunity from arrest and prosecution, he does not enjoy immunity from investigation. Any criminal allegation against a sitting governor can and should be investigated pending the time the governor leaves office and loses immunity.”
“The findings of such investigation can also be the basis for initiating impeachment proceedings against the governor. Your government has the legal obligation to ensure accountability for the spending of the loans obtained from the World Bank and China.”
“SERAP is concerned about the continuing lack of transparency and accountability in the management of World Bank loans and Chinese loans obtained by the states and the Federal Government. Your government has the legal obligation to ensure accountability for the spending of the loans obtained from the World Bank and China. SERAP is concerned about the continuing lack of transparency and accountability in the management of World Bank loans and Chinese loans obtained by the states and the Federal Government.”
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“We would be grateful if the recommended measures are taken within 7 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.“
“SERAP is concerned about years of allegations of corruption and mismanagement in the spending of World Bank loans and Chinese loans obtained by Nigeria’s 36 states and the Federal Government as well as the entrenched impunity of perpetrators.“
“These allegations have undermined the ability of governments at all levels to address the debilitating poverty and economic inequality across the states and the Federal Capital Territory.“
To ensure the proper oversight of these loans, SERAP urged the President to instruct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to collaboratively monitor and track the spending of the $1.5 billion World Bank loan across Nigeria’s 36 states and Abuja.
This measure, according to SERAP, would be a critical step toward preventing further financial mismanagement and ensuring that these funds are used for their intended purposes—primarily to alleviate poverty and bolster social protection across the nation.