In a bold and urgent appeal, the Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan, demanding a full-scale probe into over ₦233 billion in missing and unaccounted public funds before incurring further debt.
In a strongly-worded statement released on Sunday, SERAP urged President Tinubu to order the Attorney General of the Federation, Lateef Fagbemi, and anti-corruption agencies to launch immediate investigations into financial irregularities involving multiple government agencies, including the Nigerian Bulk Electricity Trading Plc (NBET).
“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence,” the statement read. “Any missing public funds should be fully recovered and remitted to the treasury.”
SERAP is insisting that rather than plunging Nigeria deeper into debt, the government should recover and repurpose the missing ₦233 billion to bridge the deficit in the 2025 national budget and relieve Nigeria’s worsening debt crisis.
The World Bank recently approved the $1.08 billion loan aimed at supporting education, nutrition, and resilience among underserved communities in Nigeria. However, SERAP maintains that taking on more debt without accountability for existing financial mismanagement is both reckless and harmful to national interest.
In a separate letter signed by SERAP Deputy Director Kolawole Oluwadare, the organization declared:
“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 that your government has failed to probe or recover.”
Citing damning findings from the Office of the Auditor-General’s 2021 audited report, SERAP detailed how NBET allegedly:
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Paid over ₦96 billion for services not rendered,
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Failed to account for ₦111 billion, and
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Neglected to recover over ₦2 billion in outstanding debts.
Other agencies under scrutiny include the Nigerian Security Printing and Minting Company, the National Pension Commission, and the Federal Road Safety Corps, all of which face serious allegations of financial mismanagement.
SERAP also flagged a troubling debt profile across federal and state levels, warning that:
“Nigeria faces debt service relative to tax revenues that exceed 20%, with escalating social tensions linked to poverty and inequality.”
Labeling the situation a “grave violation of public trust”, SERAP said the allegations undermine the Nigerian Constitution, anti-corruption laws, and international obligations.
The organization has given the presidency a 7-day ultimatum to act, warning that failure to respond will result in legal action to compel compliance in the public interest.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” SERAP stated, adding that tackling the issue transparently would rebuild public trust in the government’s anti-corruption agenda.
As the Tinubu administration seeks solutions to economic challenges, SERAP insists the first step must be accountability, not more loans.
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