Reject World Bank Loan, Probe Missing N233bn In Public Funds, SERAP Urges Tinubu

In a bold move reflecting growing public discontent over unchecked government spending, the Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan and instead focus on recovering over N233 billion in allegedly missing, diverted, or unaccounted public funds.

In a letter dated April 5, 2025, and signed by SERAP Deputy Director, Kolawole Oluwadare, the advocacy group called on President Tinubu to direct the Attorney General of the Federation (AGF), Lateef Fagbemi (SAN), and relevant anti-corruption agencies to investigate and prosecute those responsible for the financial discrepancies revealed in the 2021 audited report by the Office of the Auditor-General of the Federation.

The World Bank loan, approved recently is intended to support improvements in education, nutrition, and community resilience across Nigeria.

However, SERAP described the move as irresponsible, considering the Country’s mounting debt burden and the government’s failure to address internal financial mismanagement.

“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,” SERAP wrote.

The group maintained that rather than accumulating more debt, the government should prioritize recovering the missing N233 billion and redirect it to bridging the 2025 budget deficit and easing the national debt crisis.

According to the Auditor-General’s report published in November 2024, the Nigerian Bulk Electricity Trading Plc.

(NBET) is at the center of the controversy. The agency allegedly paid over N96 billion for services not rendered and goods not delivered and reportedly spent over N111 billion in 2021 without proper documentation or accountability.

NBET also failed to recover outstanding revenues exceeding N2.8 trillion, according to SERAP’s summary of the audit report.

These allegations are in addition to earlier claims that NBET disbursed N100 billion to companies for unexecuted projects.

NBET is not alone. The Nigerian Security Printing and Minting Company (NSPM) reportedly failed to remit over N10 billion in collected taxes and could not account for another N14 billion in contract-related payments.

The agency also allegedly retained government vehicles worth over N400 million without proper documentation.

Further findings implicated the National Pension Commission, which allegedly failed to remit over N4 billion of internally generated revenue to the Consolidated Revenue Fund, and the Federal Ministry of Works, which paid over N1 billion without supporting documents.

The Federal Road Safety Corps (FRSC) was also flagged for financial irregularities. The agency reportedly printed 52,714 National Driver’s Licences in 2020 worth N316 million, but failed to account for the funds.

It also allegedly diverted over N3.5 billion collected for driver’s licences into commercial bank accounts instead of remitting them to government coffers.

“These allegations suggest a grave violation of public trust, the Nigerian Constitution, and international anti-corruption obligations,” SERAP said.

The organization emphasized the severity of Nigeria’s debt situation, citing a report by the United Nations Independent Expert on foreign debt and human rights, which noted that the country’s debt servicing exceeds 20% of its tax revenue, placing a massive strain on public services and deepening inequality and poverty.

SERAP warned that continued borrowing without accountability would only worsen Nigeria’s economic woes.

“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the letter said.

Quoting Sections 13, 15(5), and 16(1) of the Nigerian Constitution, SERAP reminded the Tinubu administration of its constitutional duty to combat corruption, uphold social justice, and protect public welfare.

The group also referenced Nigeria’s obligations under the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption.

SERAP concluded its letter with a firm ultimatum: “We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest.”

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