The Socio-{Economic} Rights and Accountability Venture (SERAP) has urged President Bola Tinubu to reject the lately authorized $1.08 billion World {Bank} mortgage. As an alternative, SERAP is asking on him to instruct the Attorney General of the Federation, Mr. Lateef Fagbemi, SAN, and related anti-corruption businesses to instantly examine allegations that over N233 billion of public funds have been misappropriated, diverted, or stay unaccounted for by the Nigerian Bulk Electrical energy Buying and selling Plc (NBET) in Abuja and different ministries, departments, and businesses (MDAs).
SERAP emphasised that “Anybody suspected to be accountable ought to face prosecution as applicable, if there’s enough admissible proof, and any lacking public funds ought to be absolutely recovered and remitted to the treasury.”
The group additional really helpful that “the recovered N233 billion ought to be used to fund the deficit within the 2025 price range and to ease Nigeria’s crippling debt disaster.”
The World {Bank} authorized the $1.08 billion mortgage final week, which is meant to “improve schooling high quality, construct family and group resilience, and enhance diet for underserved {groups}.”
Regardless of this, SERAP has voiced sturdy opposition, asserting that the mortgage is “neither needed nor within the public curiosity, particularly given the nation’s crippling debt burden, and staggering quantity of lacking public funds from MDAs that your authorities has did not probe or get better.”
In a letter dated fifth of April, 2025, and signed by SERAP deputy director Kolawole Oluwadare, the group insisted that the Nigerian authorities ought to “not gather any mortgage from the World {Bank} or every other establishments and businesses till the lacking N233 billion is absolutely recovered, in keeping with the Nigerian Structure 1999 (as amended) and the nation’s worldwide obligations.”
SERAP is deeply involved that “the Federal Authorities and Nigeria’s 36 states and the Federal Capital Territory proceed to face a debt disaster, and harsh debt cycles or in debt misery or at excessive threat of debt misery.”
In keeping with the UN Unbiased Skilled on international debt and human rights, Nigeria is grappling with debt service prices that exceed 20 % of tax revenues, with rising social tensions linked to poverty and inequality.
The difficulty of the lacking N233 billion is detailed within the 2021 audited report revealed by the Workplace of the Auditor-Basic of the Federation on November 13, 2024. This report reveals troubling allegations, together with that “the Nigerian Bulk Electrical energy Buying and selling Plc., (NBET) Abuja ‘paid over N96 billion [N96,196,794,844.67] for providers not carried out and items not provided.”
Moreover, “NBET additionally reportedly spent over N111 billion [N111,601,369,196.22] in 2021 however did not account for the cash. NBET did not ‘get better excellent revenues/money owed’ of over N2 billion (N2,896,304,647,500.30).”
Additional allegations embody that “NBET paid N100 billion to firms and contractors for tasks not executed,” and the Nigerian Safety Printing and Minting Firm Plc. (NSPM) in Abuja “did not remit over N10 billion [N10,393,793,419.34] of taxes collected.”
NSPM additionally “did not account for over N14 billion [N14,136,472,333.16] of contract funds awarded in ‘violation of due course of.’ NSPM ‘illegally took custody of presidency autos value over N400 million [N413,343,623.00] and did not account for the autos/cash.”
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The Nationwide Pension Fee, Abuja, was additionally discovered to have “did not account for over N4 billion [N4,429,550,386.58] of internally generated income to the Consolidated Income Fund,” and the Federal Ministry of Works (Housing Sector) made a cost of “over N1 billion [N1,076,662,242.61] with none paperwork.”
The Federal Street Security Corps (FRSC) “printed 52,714 Nationwide Driver’s Licence [NDL] in 2020,’ amounting to over N300 million [N316,284,000.00] however did not account for the cash.”
The Auditor-Basic fears “the cash could also be lacking,” and additional, “FRSC did not account for over N3 billion [N3,599,352,300.13] being cash collected for driver’s licences. The cash was ‘diverted to the Companions’ business banks accounts.’”
SERAP is asking for these allegations to be investigated instantly, and for any people accountable to be named, shamed, and prosecuted. The group believes that such actions are crucial to advancing “the best of Nigerians to restitution, compensation and assure of non-repetition” and to restoring public confidence within the battle towards corruption.
The implications of corruption, SERAP argues, are felt day by day by residents, who face extra prices for primary providers akin to well being, schooling, and administration.
“Part 13 of the Nigerian Structure imposes clear accountability in your authorities to evolve to, observe and apply the provisions of Chapter 2 of the structure. Part 15(5) imposes the accountability in your authorities to ‘abolish all corrupt practices and abuse of energy.”
The group additionally famous that the UN Conference towards Corruption and the African Union Conference on Stopping and Combating Corruption require Nigeria to successfully forestall and examine the plundering of the nation’s wealth and guarantee accountability.
In keeping with article 26 of the UN conference, Nigeria should guarantee “efficient, proportionate and dissuasive sanctions” in instances of grand corruption.
SERAP has requested that the really helpful measures be taken inside seven days, or it would contemplate “applicable authorized actions to compel your authorities to adjust to our request within the public curiosity.”
This difficulty, SERAP concludes, is one among public accountability, justice, and a crucial second in Nigeria’s battle towards corruption.
