The Socio-Economic Rights and Accountability Project (SERAP) has issued a strong call to President Bola Tinubu, urging him to reject a recently approved $1.08 billion loan from the World Bank. SERAP argues that accepting the loan would exacerbate Nigeria's already precarious debt situation and that the funds should instead be sourced from recovered misappropriated public funds.

In a letter addressed to the President, SERAP specifically highlighted the alleged disappearance of over N233 billion in public funds from the Nigerian Bulk Electricity Trading Plc. (NBET) and other Ministries, Departments, and Agencies (MDAs). The organization implored President Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, along with appropriate anti-corruption agencies, to launch a thorough investigation into these allegations.

SERAP insists that any individuals found responsible for the missing funds should face prosecution, provided there is sufficient admissible evidence. Furthermore, the organization demands that all missing public funds be fully recovered and remitted to the national treasury. According to SERAP, these recovered funds should then be allocated to offset the deficit in the 2025 budget and alleviate Nigeria's crippling debt crisis.

The World Bank approved the $1.08 billion loan with the stated objective of enhancing education quality, building household and community resilience, and improving nutrition for underserved groups. However, SERAP contends that the loan is "neither necessary nor in the public interest," particularly given Nigeria's existing debt burden and the substantial amount of allegedly missing public funds that the government has failed to investigate or recover.

SERAP's letter further expresses serious concern over the ongoing debt crises faced by the Federal Government, Nigeria's 36 states, and the Federal Capital Territory. Referencing a UN independent expert on foreign debt and human rights, SERAP notes that Nigeria's debt service relative to tax revenues exceeds 20 percent, leading to escalating social tensions linked to poverty and inequality.

The organization emphasizes that the alleged disappearance of N233 billion is documented in the 2021 audited report published by the Office of the Auditor-General of the Federation on November 13, 2024. SERAP argues that these allegations constitute a grave violation of public trust, the Nigerian Constitution of 1999 (as amended), the country's anti-corruption legislation, and international anti-corruption obligations.

SERAP asserts that there is a legitimate public interest in ensuring justice and accountability for these serious allegations. The organization believes that investigating the allegations, naming, shaming, and prosecuting those suspected of involvement in the missing public funds, and ultimately recovering the funds, would serve the public interest and deter future impunity.

In its detailed breakdown of the Auditor-General's report, SERAP highlights specific instances of alleged financial mismanagement. These include:NBET allegedly paying over N96 billion for services not performed and goods not supplied.NBET allegedly spending over N111 billion in 2021 without proper accounting.NBET allegedly failing to recover outstanding revenues/debts of over N2 billion.Allegations that NBET previously paid N100 billion to companies and contractors for projects not executed.The Nigerian Security Printing and Minting Company Plc (NSPM) allegedly failing to remit over N10 billion of taxes collected.NSPM allegedly failing to account for over N14 billion of contract payments awarded in violation of due process.NSPM allegedly illegally taking custody of government vehicles worth over N400 million and failing to account for the vehicles/money.The National Pension Commission allegedly failing to account for over N4 billion of internally generated revenue.The Federal Ministry of Works (Housing Sector) allegedly making payments of over N1 billion without proper documentation.The Federal Road Safety Corps (FRSC) allegedly printing over 52,000 National Driver's Licenses in 2020, amounting to over N300 million, but failing to account for the money.

SERAP concludes by emphasizing the adverse consequences of corruption on citizens, noting that it exposes them to additional costs for essential services such as health, education, and administration.