SERAP Pressures Tinubu To Investigate Missing N233Billion, Reject $108Billion World Bank Loan
The World Bank approved a $1.08 billion loan for Nigeria last week to ‘enhance education quality, build household and community resilience, and improve nutrition for underserved groups.’
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to decline the recently approved $1.08 billion loan from the World Bank.
Instead, SERAP urges him to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to swiftly investigate allegations that over N233 billion of public funds have gone missing, been diverted, or remain unaccounted for by the Nigerian Bulk Electricity Trading Plc., Abuja, and other ministries, departments, and agencies (MDAs).
SERAP said, “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.”
According to SERAP, “the recovered N233 billion should be used to fund the deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis.”
The World Bank approved a $1.08 billion loan for Nigeria last week to ‘enhance education quality, build household and community resilience, and improve nutrition for underserved groups.’
In the letter dated 5 April 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “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.”
According to SERAP, “the Federal Government should not collect any loan from the World Bank or any other institutions and agencies until the missing N233 billion is fully recovered, consistent with the Nigerian Constitution 1999 [as amended] and the country’s international obligations.”
SERAP expressed concern that both the Federal Government, along with Nigeria’s 36 states and the Federal Capital Territory, are grappling with a growing debt crisis, facing persistent debt cycles, or are either in debt distress or at a high risk of falling into it.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest,” the organisation said.
It said, “According to the 2021 annual audited report by the Auditor-General of the Federation, the Nigerian Bulk Electricity Trading Plc., (NBET) Abuja ‘paid over N96 billion [N96,196,794,844.67] for services not performed and goods not supplied.’
“NBET also reportedly spent over N111 billion [N111,601,369,196.22] in 2021 but failed to account for the money. NBET failed to ‘recover outstanding revenues/debts’ of over N2 billion [N2,896,304,647,500.30].
“These allegations do not include the previous allegations SERAP sent to you that NBET paid N100 billion to companies and contractors for projects not executed.
“The Nigerian Security Printing and Minting Company Plc (NSPM), Abuja also reportedly failed to remit over N10 billion [N10,393,793,419.34] of taxes collected. The Auditor-General is concerned that the non-remittance is a violation of paragraph 235 of the Financial Regulations.
“NSPM also reportedly failed to account for over N14 billion [N14,136,472,333.16] of contract payments awarded in ‘violation of due process.’ NSPM ‘illegally took custody of government vehicles worth over N400 million [N413,343,623.00] and failed to account for the vehicles/money.
“The National Pension Commission, Abuja also reportedly failed to account for over N4 billion [N4,429,550,386.58] of internally generated revenue to the Consolidated Revenue Fund. The Federal Ministry of Works [Housing Sector] paid over N1 billion [N1,076,662,242.61] without any documents.
“The Federal Road Safety Corps (FRSC) also reportedly ‘printed 52,714 National Driver’s Licence [NDL] in 2020’, amounting to over N300 million [N316,284,000.00] but failed to account for the money. The Auditor-General fears the money may be missing.
“The FRSC also failed to account for over N3 billion [N3,599,352,300.13] being money collected for driver’s licences. The money was ‘diverted to the Partners’ commercial banks accounts.’ The Auditor-General fears the money may have been pocketed.
“The FRSC also failed to remit over N465 millions [N465,415,371.35] of taxes collected. The Auditor-General fears the ‘money may have been diverted.’ He wants the ‘money recovered and remitted into dedicated CBN accounts.’”
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