SERAP to Tinubu: Reject $1.08bn World Financial institution Mortgage

The Socio-Financial Rights and Accountability Undertaking (SERAP) has urged President Bola Tinubu “To reject the lately accepted $1.08bn World Financial institution mortgage.

It say that President ought to as an alternative direct the Lawyer Basic of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN and acceptable anti-corruption businesses to promptly examine the allegations that over N233bn of public funds are lacking, diverted or unaccounted for by the Nigerian Bulk Electrical energy Buying and selling Plc., Abuja and different ministries, departments and businesses (MDAs).

SERAP stated, “Anybody suspected to be accountable ought to face prosecution as acceptable, if there’s adequate admissible proof and any lacking public funds ought to be absolutely recovered and remitted to the treasury.”

In line with SERAP, “The recovered N233 billion ought to be used to fund the deficit within the 2025 price range and to ease Nigeria’s crippling debt disaster.”

The World Financial institution final week accepted a $1.08 billion mortgage for Nigeria to ‘improve training high quality, construct family and neighborhood resilience, and enhance vitamin for underserved teams.’

Within the letter dated 5 April 2025 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation stated: “The World Financial institution mortgage is neither obligatory nor within the public curiosity, particularly given the nation’s crippling debt burden, and staggering quantity of lacking public funds from MDAs that your authorities has didn’t probe or get well.”

In line with SERAP, “The federal authorities mustn’t accumulate any mortgage from the World Financial institution or some other establishments and businesses till the lacking N233 billion is absolutely recovered, per the Nigerian Structure 1999 [as amended] and the nation’s worldwide obligations.”

The letter learn partially: “SERAP is severely involved that the federal authorities and Nigeria’s 36 states and the Federal Capital Territory proceed to face a debt disaster, and harsh debt cycles or in debt misery or at excessive danger of debt misery.

“In line with the UN Unbiased Professional on overseas debt and human rights, Nigeria faces debt service relative to tax revenues that exceed 20 per cent, with escalating social tensions linked to poverty and inequality.

“The damning revelations concerning the lacking N233 billion are documented within the 2021 audited report printed on Wednesday, 13 November 2024 by the Workplace of the Auditor-Basic of the Federation.”

“The allegations recommend a grave violation of the general public belief, the Nigerian Structure 1999 (as amended), the nation’s anti corruption laws and worldwide anti corruption obligations.”

“There’s a reliable public curiosity in making certain justice and accountability for these grave allegations.

“We might be grateful if the beneficial measures are taken inside 7 days of the receipt and/or publication of this letter. If now we have not heard from you by then, SERAP shall contemplate acceptable authorized actions to compel your authorities to adjust to our request within the public curiosity.

“In line with the 2021 annual audited report by the Auditor-Basic of the Federation, the Nigerian Bulk Electrical energy Buying and selling Plc., (NBET) Abuja ‘paid over N96 billion [N96,196,794,844.67] for companies not carried out and items not equipped.’”

“NBET additionally reportedly spent over N111 billion [N111,601,369,196.22] in 2021 however didn’t account for the cash. NBET didn’t ‘get well excellent revenues/money owed’ of over N2 billion [N2,896,304,647,500.30].”

“These allegations don’t embody the earlier allegations SERAP despatched to you that NBET paid N100 billion to firms and contractors for tasks not executed.

“The Nigerian Safety Printing and Minting Firm Plc (NSPM), Abuja additionally reportedly didn’t remit over N10 billion [N10,393,793,419.34] of taxes collected. The Auditor Basic is anxious that the non-remittance is a violation of paragraph 235 of the Monetary Rules.”

“NSPM additionally reportedly didn’t account for over N14 billion [N14,136,472,333.16] of contract funds awarded in ‘violation of due course of.’ NSPM ‘illegally took custody of presidency automobiles value over N400 million [N413,343,623.00] and didn’t account for the automobiles/cash.

“The Nationwide Pension Fee, Abuja additionally reportedly didn’t account for over N4 billion [N4,429,550,386.58] of internally generated income to the Consolidated Income Fund. The Federal Ministry of Works [Housing Sector] paid over N1 billion [N1,076,662,242.61] with none paperwork.”

“The Federal Street Security Corps (FRSC) additionally reportedly ‘printed 52,714 Nationwide Driver’s Licence [NDL] in 2020’, amounting to over N300 million [N316,284,000.00] however didn’t account for the cash. The Auditor-Basic fears the cash could also be lacking