Advocacy group, Socio-Economic Rights and Accountability Project, has urged President Bola Tinubu to reject the recently approved $1.08bn World Bank loan and instead prioritise the investigation into allegations of missing public funds amounting to over N233bn.
The organisation called for an immediate probe into alleged funds diversion in the Nigerian Bulk Electricity Trading Plc and other ministries, departments, and agencies.
In an open letter to the President on Sunday, SERAP emphasised the urgent need for accountability and the full recovery of the missing funds.
The organisation called on the Attorney General of the Federation, Mr. Lateef Fagbemi (SAN), as well as anti-corruption agencies to investigate the allegations promptly.
“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered and remitted to the treasury,” said SERAP in the letter signed by its Deputy Director, Kolawole Oluwadare.
The World Bank loan, approved last week, was intended to “enhance education quality, build household and community resilience, and improve nutrition for underserved groups.”
However, SERAP argues that such a loan is unnecessary given Nigeria’s current financial crisis and the staggering amount of unaccounted funds within various government sectors.
“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,” the letter read.
The allegations of missing funds are detailed in the 2021 audited report published by the Office of the Auditor-General of the Federation.
According to the report, NBET was responsible for the payment of over N96bn for services that were not performed and goods that were not supplied.
In addition, NBET is reported to have spent over N111bn in 2021 without proper accounting for the money.
SERAP is also raising concerns about the Nigerian Security Printing and Minting Company Plc, which reportedly failed to remit over N10bn in taxes.
Other government agencies such as the National Pension Commission and the Federal Road Safety Corps are also named for failing to account for significant amounts of public funds, with allegations of mismanagement and corruption.
“The Federal Government should not collect any loan from the World Bank or any other institutions and agencies until the missing N233bn is fully recovered, consistent with the Nigerian Constitution 1999 [as amended] and the country’s international obligations,” SERAP stated
The organisation has given the government a seven-day ultimatum to address these issues, warning that if no action is taken, it will pursue legal measures to compel the government to act.
“Investigating the allegations and naming and shaming and prosecuting those suspected to be responsible for the missing public funds and recovering the funds would serve the public interest and end the impunity of perpetrators,” SERAP stressed.
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