“SERAP Urges Tinubu to Investigate $1.5bn World Bank Loan to States and $3bn Chinese Loan”

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), along with relevant anti-corruption bodies, to conduct a comprehensive investigation into the utilization of a $1.5 billion World Bank loan and a $3 billion Chinese loan.

SERAP has expressed concerns about potential mismanagement and corruption related to these funds. They argue that, should sufficient evidence of misconduct be found, those responsible should be prosecuted, and any illicit gains recovered.

In an open letter dated August 10, 2024, signed by SERAP Deputy Director Kolawole Oluwadare, the organization emphasized the importance of accountability in managing these loans to build public trust in democratic institutions and uphold the rule of law.

The group pointed out that corruption often goes unpunished when high-ranking officials are not held accountable. SERAP argued that investigating and prosecuting corruption allegations in connection with these loans is in line with Nigeria’s constitutional and international obligations to combat corruption. The letter also noted that while governors are immune from arrest and prosecution, they can still be investigated, which could lead to impeachment proceedings.

SERAP raised concerns over the lack of transparency and accountability in managing these loans and called on the government to address these issues within seven days of the letter’s receipt or publication. They warned that they might pursue legal action to enforce compliance if necessary.

The $1.5 billion World Bank loan, approved on December 15, 2020, was intended to support social protection initiatives and strengthen state-level responses to COVID-19, including the Nigeria CARES program and the SFTAS program, aimed at enhancing public resource management and accountability.

The $3 billion Chinese loan, according to the Debt Management Office, is allocated to 11 projects, including railway modernization and airport terminal expansions.

In conclusion, SERAP’s letter underscored the need for justice and accountability in addressing the mismanagement of these loans, as such failures negatively impact impoverished citizens and undermine their ability to meet basic needs.

Also see;”SERAP Urges Tinubu to Investigate $1.5bn World Bank Loan to States and $3bn Chinese Loan”