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Nigeria’s SERAP Calls for Probe into $1.5 Billion World Bank Loan and $3.121 Billion Chinese Loans

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to investigate the spending of $1.5 billion World Bank loan and $3.121 billion Chinese loans obtained by the Federal Government.

According to SERAP, the loans were meant for poverty reduction and social protection across Nigeria’s 36 states and Abuja. However, there are reports that the funds may have been mismanaged or diverted, and in any case, remain unaccounted for.

In an open letter dated August 10, 2024, and signed by SERAP deputy director Kolawole Oluwadare, the organization emphasized the need for accountability in the management of the loans. "Impunity for corruption in the management of World Bank loans and Chinese loans will continue as long as high-ranking public officials go largely unpunished for their alleged crimes," the letter stated.

SERAP urged President Tinubu to instruct the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly track and monitor the spending of the $1.5 billion World Bank loan to Nigeria’s 36 states and Abuja.

The organization also called for the prosecution of suspected perpetrators of corruption and mismanagement, if there is sufficient admissible evidence, and for any proceeds of corruption to be fully recovered.

The move is seen as a bid to bolster the rule of law and ensure transparency in the management of public funds. By pursuing these allegations and taking the evidence before the court, the truth will be revealed, and justice will be served.

The $1.5 billion World Bank loan and $3.121 billion Chinese loans are significant amounts that could have a significant impact on the lives of Nigerians. It is essential that the funds are used for their intended purpose and that those responsible for any mismanagement or diversion are held accountable.