By Isa Isawade
President Bola Ahmed Tinubu has been issued a 7-day ultimatum to reject the recently approved $1.08bn World Bank loan.
The President was also urged to direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the allegations that over N233bn of public funds are missing, diverted or unaccounted for by the Nigerian Bulk Electricity Trading Plc., Abuja and other ministries, departments and agencies (MDAs).
The letter demanding the above was written to President Tinubu by the Socio-Economic Rights and Accountability Project (SERAP) on Saturday.
SERAP wants suspects in the missing funds saga to face prosecution as appropriate.
The body also wants a full recovery and remittance of the stolen funds to the treasury which it advised should be used to fund deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis.
The World Bank 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.’
In the letter dated 5 April 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “The World Bank loan is 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 your government has failed to probe or recover.”
According to SERAP, “the Federal Government should not collect any loan from the World Bank or any other institutions and agencies until the missing N233 billion is fully recovered, consistent with the Nigerian Constitution 1999 [as amended] and the country’s international obligations.”
The letter, read in part: “SERAP is seriously concerned that the Federal Government and Nigeria’s 36 states and the Federal Capital Territory continue to face a debt crisis, and vicious debt cycles or in debt distress or at high risk of debt distress.
“According to the 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 13 November 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 anticorruption legislation and international anticorruption obligations.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations.”
The body, therefore, sounded a note of warning that failure of the president to carry out its recommendation within seven days would lead it to considering legal options against him.
“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,” SERAP said.
