The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to decline the recently sanctioned $1.08 billion loan from the World Bank. Instead, the organization urges the President to instruct the Attorney General and relevant anti-corruption bodies to probe claims that over N233 billion of public funds are missing or unaccounted for from various government agencies, including the Nigerian Bulk Electricity Trading Plc.
In a statement made on Sunday, SERAP emphasized the necessity of prosecuting those implicated if sufficient evidence is found, and insisted that any recovered funds should 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,” the organization stated.
SERAP also proposed that the recovered N233 billion be utilized to address the impending 2025 budget deficit and mitigate Nigeria’s escalating 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,” they asserted.
While the World Bank approved the loan last week to enhance education, nutrition, and resilience for underserved populations in Nigeria, SERAP expressed apprehension that incurring more debt is unwise given the country’s current fiscal pressures and the apparent mismanagement of public funds.
In a separate communication signed by SERAP’s Deputy Director, the organization argued that the World Bank loan is neither essential nor beneficial for public interest, particularly against the backdrop of Nigeria’s dwindling financial resources and the significant amounts of unaccounted public funds from government agencies.
Highlighting findings from the Auditor-General’s office, SERAP pointed out that the Nigerian Bulk Electricity Trading Plc paid over N96 billion for undelivered services, failed to account for over N111 billion, and did not recover more than N2 billion in outstanding debts. Other governmental bodies, including the Nigerian Security Printing and Minting Company, the National Pension Commission, and the Federal Road Safety Corps, have similarly faced accusations of financial mismanagement.
The letter noted, “SERAP is seriously concerned that the Federal Government and Nigeria’s 36 states continue to grapple with a debt crisis and the challenges posed by ongoing debt cycles.” Reports indicate that Nigeria’s debt service relative to tax revenues surpasses 20 percent, exacerbating social tensions linked to poverty and inequality.
The alarming revelations regarding the missing N233 billion were documented in the 2021 audited report released by the Office of the Auditor-General of the Federation. These allegations indicate a serious breach of public trust, violating not only the Nigerian Constitution but also the country’s anti-corruption laws and international obligations.
SERAP insists on the critical need for justice and accountability regarding these serious allegations and has requested that measures be implemented within seven days. The organization has indicated that if they do not receive a response within this timeframe, they may pursue legal actions to compel compliance.
In conclusion, SERAP stressed that the Nigerian government must prioritize the investigation and recovery of missing funds before contemplating additional loans, warning that accountability in these matters is essential for restoring public confidence in the government’s anti-corruption endeavors.
