The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan, advocating instead for an investigation into allegations regarding the misappropriation of over N233 billion in public funds by various government agencies, including the Nigerian Bulk Electricity Trading Plc.
In a statement, SERAP called for the Attorney General and anti-corruption bodies to hold accountable those responsible for the missing funds, proposing that any recovered money be used to address Nigeria’s 2025 budget deficit and alleviate the nation’s debt crisis.
The organization argued that borrowing additional funds is not in the public interest given the country’s already significant debt burden and the significant amount of unaccounted public funds.SERAP cited troubling findings from the Auditor-General’s office regarding financial mismanagement by several government entities, including excessive payments for unperformed services.
The group highlighted the urgent need for justice and accountability to restore public trust in government financial practices.
They demanded actions be taken within seven days, warning of potential legal measures if their requests are not addressed. SERAP stressed the importance of focusing on recovering missing funds before considering further borrowing.
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