Editor
By Fatima Saka
SERAP urges President Bola Tinubu to conduct an inquiry into the $1.5bn World Bank loan secured by the 36 states of Nigeria and the Federal Capital Territory.
The group also calls for an investigation into the purported mismanagement of the $3.121bn Chinese loans obtained by the Federal Government.
In an open letter dated August 10, 2024, signed by the Deputy Director, Kolawole Oluwadare, SERAP implores the President to task the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, to diligently probe the utilization of the loan in fostering poverty reduction and enhancing social protection measures across the states.
Emphasizing the necessity for accountability, SERAP asserts that individuals or entities implicated in corruption and mismanagement must be subject to prosecution if substantial admissible evidence is present, with any ill-gotten gains duly recovered.
The group underscores that while a governor may be shielded from arrest and prosecution by immunity, they are not exempt from investigation. Any allegations of criminal misconduct against a serving governor warrant scrutiny, as these findings could serve as grounds for impeachment proceedings.
SERAP underscores the legal obligation of the administration to ensure transparency in the allocation of funds from both the World Bank and China.
Also, the he group expresses concerns over the prevailing lack of openness and accountability in managing these loans at both state and federal levels.
The letter stresses that the measures recommended should be implemented within seven days of receipt or publication, failing which appropriate legal action will be pursued in the public interest to compel compliance.
Highlighting the imperative of averting corruption in the disbursement of World Bank loans and other financial aids, SERAP underscores the public interest in upholding justice and accountability in addressing alleged malfeasance related to these funds.
According to available information, the $1.5bn World Bank loan approved on December 15, 2020, is designated for social protection and enhancing state-level COVID-19 response efforts across Nigeria. The loan is earmarked for bolstering post-pandemic recovery, poverty alleviation, and improvements in education, healthcare, sanitation, and social welfare programs.
This follows based on data from the Debt Management Office, Nigeria’s borrowing from China stands at USD$3.121 billion for various projects, including railway modernization and infrastructure developments. The total public debt, encompassing external and domestic borrowings, surged to N121.67 trillion ($91.46 billion) as of March 31, 2024, reflecting loans acquired by the federal government, state governments, and the Federal Capital Territory.
