The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to investigate the $1.5bn World Bank loan obtained by the 36 states and the Federal Capital Territory.
In an open letter dated August 10, 2024, SERAP also urged Tinubu to probe the “alleged mismanagement of the Chinese loans of $3.121bn obtained by the Federal Government.”
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The group asked the President to “direct the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and appropriate anti-corruption agencies to promptly and thoroughly investigate” how the loan was spent.
SERAP noted that individuals or agencies suspected of “corruption and mismanagement should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.”
The group advised Tinubu to “instruct the Economic and Financial Crimes Commission and Independent Corrupt Practices and Other Related Offences Commission to jointly track and monitor the spending of the $1.5bn World Bank loan to Nigeria’s 36 states and Abuja.”
Ensuring accountability for the spending of World Bank loan and Chinese loans would build trust in democratic institutions with the ultimate aim of strengthening the rule of law,” SERAP stated.