Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan and direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, and 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., Abuja and other Ministries, Departments and Agencies (MDAs).
SERAP said anyone suspected to be responsible should face prosecution as appropriate if there was sufficient admissible evidence and that any missing public funds should be fully recovered and remitted to the treasury.
According to the organization, the recovered N233 billion should be used to fund the deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis.
World Bank had, last week, approved a $1.08 billion loan for Nigeria to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.
But in the letter at the weekend, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said the World Bank loan was neither necessary nor in the public interest, especially given the country’s crippling debt burden, and staggering amount of missing public funds from MDAs that government had failed to probe or recover.
SERAP, in the letter, expressed serious concern that the Federal Government and Nigeria’s 36 states and the Federal Capital Territory continued to face debt crises.
According to a UN independent expert on foreign 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 about the missing N233 billion are documented in the 2021 audited report published on Wednesday, November 13, 2024 by the Office of the Auditor-General of the Federation.
“The allegations suggest a grave violation of the public trust, the Nigerian Constitution, 1999 (as amended), the country’s anti-corruption legislation and international anti-corruption obligations.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” SERAP said. Investigating the allegations, naming, shaming and prosecuting those suspected to be responsible for the missing public funds and recovering the funds, SERAP said, would serve the public interest and end impunity by perpetrators.
SERAP also noted the adverse consequences of corruption on citizens daily.
“Corruption exposes them to additional costs to pay for health, education and administrative services”, SERAP stated.
The Guardian
