mouthpiece
SERAP Tinubu $1.08B Loan Nigeria. The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reject the World Bank’s recent approval of a $1.08 billion loan for Nigeria. In addition, the organization has called on the President to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and relevant anti-corruption agencies to urgently investigate claims that over ₦233 billion in public funds have been misappropriated, stolen, or remain unaccounted for by the Nigerian Bulk Electricity Trading Plc. (NBET), Abuja, as well as various ministries, departments, and agencies (MDAs). SERAP has insisted that anyone found culpable should face legal action, provided there is sufficient evidence, and that any missing public funds should be fully recovered and returned to the national treasury.
The organization further emphasized that the ₦233 billion recovered should be redirected to address the deficit in Nigeria’s 2025 budget and help mitigate the country’s escalating debt crisis.
In a report last week, StartSmart Nigeria Stated that the World Bank approved the $1.08 billion loan to Nigeria with the goal of enhancing education quality, improving community resilience, and boosting nutrition among underserved groups.
However, in a letter dated April 5, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization argued that this loan is neither essential nor in the public interest. SERAP criticized the loan in light of the country’s mounting debt and the ongoing issue of missing public funds within MDAs that the government has yet to address.
SERAP has firmly stated, “The Federal Government should refrain from taking any further loans from the World Bank or other international agencies until the missing ₦233 billion is fully recovered, in accordance with the Nigerian Constitution (1999, as amended) and the country’s international obligations.”
The group also expressed alarm over Nigeria’s growing debt crisis, which now affects the Federal Government, all 36 states, and the Federal Capital Territory, all of which face either persistent debt cycles or are at significant risk of falling into debt distress.
“We would appreciate it if the recommended measures are implemented within seven days of receiving and/or publishing this letter. Should we not receive a response by then, SERAP will pursue appropriate legal action to compel your government to act in the public’s interest,” the organization stated.
SERAP highlighted findings from the 2021 annual audited report by the Auditor-General of the Federation, which uncovered several financial irregularities. Notably, the Nigerian Bulk Electricity Trading Plc. was found to have paid over ₦96 billion for services that were never rendered and goods that were never supplied. NBET also spent over ₦111 billion in 2021 without proper documentation and failed to recover over ₦2 billion in outstanding debts.
Further discrepancies were also identified, including allegations that the Nigerian Security Printing and Minting Company Plc. (NSPM) failed to remit over ₦10 billion in taxes, and the Federal Road Safety Corps (FRSC) did not account for over ₦3 billion in funds collected for driver’s licenses. The Auditor-General has expressed concerns that these funds may have been misappropriated or pocketed.
In light of these findings, SERAP is demanding full accountability and transparency from the government, insisting that the missing funds be recovered to prevent further mismanagement of public resources.
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