SERAP urges Tinubu to reject $1.08bn loan, investigate missing N233bn

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan and instead direct the Attorney General of the Federation, Mr. Lateef Fagbemi, SAN, along with appropriate anti-corruption agencies, to investigate allegations that over N233 billion of public funds are missing, diverted, or unaccounted for by the Nigerian Bulk Electricity Trading Plc.

(NBET), Abuja, and other ministries, departments, and agencies (MDAs).In a letter dated April 5, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization emphasized the urgency of addressing these allegations of missing public funds before any further external loans are accepted.SERAP called for swift action against those responsible, urging that any individuals found guilty should face prosecution, provided there is sufficient admissible evidence, and that the missing funds should be fully recovered and remitted to the public treasury.



The letter outlined that the recovered N233 billion should be used to fund the deficit in the 2025 budget and to help ease Nigeria’s crippling debt crisis.SERAP expressed deep concern over the World Bank loan, which was approved last week to enhance education quality, build household resilience, and improve nutrition for underserved groups in Nigeria.The organization argued that the loan is neither necessary nor in the public interest, particularly given Nigeria’s growing debt burden and the missing public funds that have yet to be thoroughly investigated or recovered by the government.

In its communication, SERAP further stated, “The Federal Government should not accept loans from the World Bank or any other financial institutions until the N233 billion is fully recovered, in line with both the Nigerian Constitution (1999) and international anti-corruption obligations.”The organization highlighted the 2021 audited report by the Auditor-General of the Federation, which revealed shocking discrepancies in the financial dealings of several MDAs. Notable findings include:READ ALSO: SERAP Condemns Bill to Jail Nigerians for Not Voting, Urges Electoral ReformsThe Nigerian Security Printing and Minting Company Plc.

(NSPM) failed to remit over N10 billion in taxes collected, and also failed to account for over N14 billion in contract payments, among other financial mismanagements.The National Pension Commission reportedly failed to account for over N4 billion of internally generated revenue.The Federal Ministry of Works paid over N1 billion without any supporting documentation.

The Federal Road Safety Corps (FRSC) failed to account for over N3 billion from driver’s license fees and over N465 million in taxes.SERAP emphasized that these allegations constitute grave violations of the public trust and represent a serious breach of the Nigerian Constitution and the country’s anti-corruption laws.In its call for investigations into the missing funds, SERAP urged the Federal Government to take immediate steps to ensure accountability, including prosecuting those responsible for the mismanagement and recovery of the funds.

The organization believes that such actions would send a strong message about the government’s commitment to fighting corruption and upholding public trust.Furthermore, SERAP stressed that the impact of corruption is felt by ordinary Nigerians on a daily basis, particularly in the form of increased costs for health, education, and other essential services.The organization believes that investigating these financial irregularities and recovering the funds will not only promote justice but also help restore public confidence in the government’s ability to manage public resources responsibly.

SERAP concluded the letter by warning that, should the government fail to respond or take action, the organization would consider appropriate legal measures to compel compliance with its demands, asserting that these measures are in the public interest.The post SERAP urges Tinubu to reject $1.08bn loan, investigate missing N233bn appeared first on National Daily Newspaper.

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