The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to initiate an investigation into the utilization of a $1.5 billion World Bank loan, which was allocated to Nigeria’s 36 states and the Federal Capital Territory (FCT) for poverty reduction and social protection.
The organization is urging the President to direct the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), along with relevant anti-corruption agencies, to thoroughly investigate how these funds were spent.
In a statement signed by its Deputy Director, Kolawole Oluwadare, SERAP highlighted the necessity for any individuals found to have engaged in corruption or mismanagement to be prosecuted.
The organization also stressed that any proceeds of corruption should be fully recovered.
SERAP’s call for action extends beyond the World Bank loan. The group also urged President Tinubu to investigate the alleged mismanagement of $3.121 billion in loans obtained from China by the Federal Government.
The organization is advocating for the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly monitor and track the spending of these substantial funds.
In an open letter dated August 10, 2024, SERAP emphasized the importance of ensuring accountability in the spending of both the World Bank and Chinese loans.
The organization argued that impunity for corruption would continue to thrive if high-ranking public officials remain unpunished for their alleged crimes.
SERAP stated, “It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.”
There are concerns that the $1.5 billion World Bank loan, along with the $3 billion Chinese loans, may have been mismanaged or diverted.
SERAP noted that while governors may enjoy immunity from arrest and prosecution, they do not enjoy immunity from investigation.
The findings of such investigations, according to SERAP, could serve as grounds for initiating impeachment proceedings against sitting governors.
The organization further urged the President to ensure transparency and accountability in the management of these loans, stressing that the Nigerian constitution and international anti-corruption obligations mandate such actions.
SERAP warned that failure to address these allegations of corruption and mismanagement would continue to undermine efforts to alleviate poverty and economic inequality across the states and the FCT.
SERAP called on President Tinubu to act within seven days of receiving the letter, warning that it would take appropriate legal actions if the government fails to comply.
The organization expressed concern over the entrenched impunity in the management of World Bank and Chinese loans, which it said had exacerbated the poverty and economic challenges facing many Nigerians.
The $1.5 billion World Bank loan was approved on December 15, 2020, to support social protection and state-level COVID-19 response efforts.
The loan aimed to help states and the FCT build a resilient recovery post-COVID-19, with a focus on increasing access to basic education, water, sanitation services, improving primary healthcare, and enhancing social assistance programs.
The loan was allocated for two key projects: the Nigeria Covid-19 Action Recovery and Economic Stimulus (Nigeria CARES) and the State Fiscal Transparency, Accountability, and Sustainability Programme for Results (SFTAS).
The Nigeria CARES project was designed to provide grants to poor and vulnerable households and increase access to social transfers and basic services.
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