In a bold call to action, the Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan, urging the government to instead focus on recovering a staggering N233 billion reportedly missing or unaccounted for in various federal agencies.
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Why SERAP Is Saying No to More Loans
SERAP’s message is clear: borrowing more money won’t solve Nigeria’s problems—it will only add to the country’s heavy debt burden. Instead, the organization wants President Tinubu to take serious steps to recover public funds already lost to alleged corruption.
This includes directing the Attorney General and anti-corruption agencies to fully investigate the Nigerian Bulk Electricity Trading Plc (NBET) and other government bodies flagged in the 2021 audited report by the Auditor-General of the Federation.
What the Audit Report Revealed
The audit report outlines several alarming findings:
- NBET allegedly paid N96.1 billion for goods and services that were never delivered.
- It also reportedly spent N111.6 billion without proper documentation.
- NBET failed to recover N2.8 trillion in debts, while past reports claim it paid N100 billion for unexecuted contracts.
- The Nigerian Security Printing and Minting Company (NSPM) didn’t remit over N10 billion in taxes and couldn’t account for another N14 billion in contract payments.
- The National Pension Commission didn’t submit over N4.4 billion in internally generated revenue to the treasury.
- The Federal Ministry of Works (Housing) paid over N1 billion without documentation.
- The FRSC couldn’t account for over N3.5 billion collected from drivers and license applicants. Some funds were reportedly diverted to private accounts.
SERAP’s Demands
In a letter dated April 5, 2025, SERAP asked the President to:
- Reject the World Bank loan.
- Launch a full investigation into the missing N233 billion.
- Prosecute anyone found responsible.
- Recover all diverted or unaccounted-for funds.
The group also threatened to take legal action if the government doesn’t respond within seven days.
What SERAP Believes Is at Stake
The organization argues that mismanagement and corruption are eroding public trust. They believe that recovered funds could go a long way in supporting Nigeria’s economy and closing the 2025 budget deficit without adding new debt.
They referenced international anti-corruption treaties Nigeria has signed, including:
- The UN Convention Against Corruption
- The African Union Convention on Preventing and Combating Corruption
These agreements require Nigeria to take strong actions to prevent corruption and punish those found guilty.
Final Thoughts: A Call for Action, Not Loans
As Nigeria battles inflation, unemployment, and poor public services, SERAP believes that stopping new loans and recovering stolen funds is the smarter path forward.
Instead of loading future generations with more debt, the government can begin rebuilding trust by showing that accountability is not just a slogan—it’s a real commitment.
