NaijaOnPoint Nigeriareports that the Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to reject the recently approved $1.08 billion loan from the World Bank.
The organization, also urged the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and pertinent anti-corruption agencies to urgently look into the allegations that more than ₦233 billion in public funds have been either stolen, redirected, or remain unaccounted for by the Nigerian Bulk Electricity Trading Plc., Abuja, and other ministries, departments, and agencies (MDAs).
SERAP stated, “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 organisation further emphasized that the recovered ₦233 billion should be used to fund the deficit in the 2025 budget and help alleviate Nigeria’s mounting debt crisis.
Last week, NaijaOnPoint Nigeria reported that the World Bank approved a loan of $1.08 billion to Nigeria aimed at improving education quality, building household and community resilience, and enhancing nutrition for underserved groups.
However, SERAP, in a letter dated 5 April 2025 and signed by its deputy director Kolawole Oluwadare, argued that this loan is neither necessary nor in the public interest, particularly considering the country’s heavy debt burden and the significant amount of missing public funds from MDAs that the government has yet to address.
SERAP’s position is clear: “The Federal Government should not collect any loan from the World Bank or any other institutions and agencies until the missing ₦233 billion is fully recovered, consistent with the Nigerian Constitution 1999 [as amended] and the country’s international obligations.”
The group also expressed concerns about Nigeria’s growing debt crisis, which involves the Federal Government, the 36 states, and the Federal Capital Territory, all of which are facing persistent debt cycles or are at high risk of falling into debt distress.
“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,” the organisation stated.
SERAP outlined the findings from the 2021 annual audited report by the Auditor-General of the Federation, which revealed several discrepancies, including the Nigerian Bulk Electricity Trading Plc.’s payment of over ₦96 billion for services not rendered and goods not supplied.
Additionally, NBET reportedly spent over ₦111 billion in 2021 without accounting for it, and failed to recover over ₦2 billion in outstanding debts.
Other financial irregularities include the Nigerian Security Printing and Minting Company Plc. (NSPM) allegedly failing to remit over ₦10 billion in taxes collected, and the Federal Road Safety Corps (FRSC) failing to account for over ₦3 billion in funds collected for driver’s licenses. The Auditor-General expressed concerns that these funds may have been diverted or pocketed.
SERAP is calling for full accountability and transparency from the government, demanding the recovery of missing funds to prevent further mismanagement of public resources.