SERAP Urges Tinubu to Reject $1.08bn World Bank Loan, Demands Probe into Missing N233bn

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to decline a newly approved $1.08 billion loan from the World Bank. In a letter dated April 5, 2025, SERAP argued that the loan is unnecessary and not in the best interest of Nigerians, especially considering the country’s mounting debt and alleged financial mismanagement across various government agencies....CONTINUE READING>>>

SERAP is calling on the president to launch a thorough investigation into the reported disappearance or misappropriation of over N233 billion from the Nigerian Bulk Electricity Trading Plc (NBET) and multiple Ministries, Departments, and Agencies (MDAs). The organization emphasized that anyone found guilty should be brought to justice, and that all missing funds must be recovered and returned to the national treasury.

The group insists that “the recovered N233 billion should be used to reduce the 2025 budget deficit and ease the growing debt burden.”

Although the World Bank approved the loan to enhance education quality, strengthen community resilience, and tackle malnutrition in underserved areas, SERAP maintains that external borrowing should not proceed while huge sums of public money remain unaccounted for. The organization cited constitutional and international obligations to support its position.

SERAP also raised alarms over Nigeria’s deteriorating debt situation. Citing the UN Independent Expert on foreign debt and human rights, the group noted that “Nigeria’s debt service costs exceed 20% of its tax revenues,” a trend that risks worsening poverty and triggering social instability.

These concerns are based on findings from the 2021 audited report by the Office of the Auditor-General of the Federation, released in November 2024. The report outlines serious financial irregularities, particularly within NBET, which allegedly paid over N96 billion for services not rendered and goods not delivered, while an additional N111 billion remains unaccounted for. The company also failed to recover revenues totaling more than N2.8 trillion.

Additional troubling highlights from the report include:

• Nigerian Security Printing and Minting Company (NSPM): Failed to remit over N10 billion in collected taxes, could not account for N14 billion in contracts awarded without due process, and retained government vehicles worth over N400 million without proper documentation.
• National Pension Commission (PenCom): Failed to remit more than N4.4 billion in internally generated revenue to the Consolidated Revenue Fund.
• Federal Ministry of Works (Housing Sector): Disbursed over N1 billion without supporting documentation.
• Federal Road Safety Corps (FRSC): Unable to account for 52,714 National Driver’s Licenses printed in 2020 worth over N316 million. The agency also reportedly failed to remit over N3.5 billion in collected fees and may have diverted N465 million in taxes.

SERAP warned that failure to act could result in legal consequences. “Unless urgent measures are taken to recover the missing funds and ensure accountability,” the group stated, “we will take appropriate legal action to compel the government to fulfill its duties.”

The organization underscored President Tinubu’s constitutional duty to combat corruption and prioritize public interest, asserting that “investigating and prosecuting those responsible would reinforce accountability, restore public trust, and serve as a deterrent against future abuse of public resources.”