The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to reject the recently approved $1.08 billion World Bank loan, insisting that the government should instead prioritize probing and recovering over N233 billion in missing, diverted, or unaccounted public funds from key government agencies, notably the Nigerian Bulk Electricity Trading Plc (NBET) and several other ministries, departments, and agencies (MDAs).
In a strongly worded letter dated April 5, 2025, and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation urged President Tinubu to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), as well as anti-corruption agencies, to launch urgent and transparent investigations into the damning financial irregularities documented in the 2021 audited report by the Office of the Auditor-General of the Federation.
According to SERAP, “The World Bank loan is neither necessary nor in the public interest, especially given Nigeria’s ballooning debt burden and staggering amount of uninvestigated financial mismanagement within key MDAs.”
“The government should not commit future generations to more debt when over N233 billion in public funds remain unaccounted for,” the group emphasized. It added that recovering these funds could help bridge the 2025 budget deficit and provide relief from Nigeria’s worsening debt crisis.
The $1.08 billion loan, approved last week by the World Bank, was earmarked for improving education, nutrition, and community resilience. However, SERAP insists that such objectives can and should be funded from resources already lost to corruption and mismanagement.
The 2021 Auditor-General’s report reveals shocking details of financial misconduct:
NBET allegedly paid over N96 billion for services not rendered and goods not delivered. Another N111 billion was reportedly spent in 2021 without adequate documentation or accountability. The agency also failed to recover outstanding debts exceeding N2.8 trillion.
In a prior petition, SERAP noted that NBET had disbursed N100 billion to contractors for phantom projects.
The Nigerian Security Printing and Minting Company (NSPM) failed to remit over N10 billion in collected taxes, mismanaged over N14 billion in contract payments, and took government vehicles worth over N400 million into illegal custody.
The National Pension Commission (PenCom) failed to remit N4.4 billion in internally generated revenue to the Consolidated Revenue Fund.
The Federal Ministry of Works (Housing Sector) reportedly paid out over N1 billion without any supporting documentation.
The Federal Road Safety Corps (FRSC) failed to account for N316 million from 52,714 printed driver’s licenses in 2020. It also diverted over N3.5 billion in license fees to private bank accounts and failed to remit N465 million in taxes.
SERAP emphasized that these allegations constitute not just fiscal irresponsibility but a gross violation of the Nigerian Constitution, the country’s anti-corruption laws, and international obligations under the UN and African Union Conventions against Corruption.
Citing Sections 13, 15(5), and 16(1) of the 1999 Constitution (as amended), SERAP reminded the President of his duty to ensure maximum welfare, social justice, and the abolition of corrupt practices. It warned that continuing to seek external loans while ignoring internal revenue leakages amounts to mortgaging Nigeria’s future.
“The consequences of corruption are felt daily by millions of Nigerians who endure poor healthcare, dilapidated schools, and grinding poverty,” the letter read. “The government must prioritize accountability, restitution, and deterrence over reckless borrowing.”
SERAP issued a seven-day ultimatum, stating that failure to act on its recommendations would result in legal actions aimed at compelling the Tinubu administration to fulfill its constitutional and international obligations.
“Investigating these allegations and prosecuting the culprits will restore public confidence, end impunity, and demonstrate genuine commitment to the anti-corruption fight,” SERAP concluded.
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