SERAP Urges Tinubu to Reject $1.08bn World Bank Loan, Probe Missing N233bn in Public Funds
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan and instead focus on recovering over N233 billion allegedly missing or unaccounted for in various federal agencies.
In a letter dated April 5, 2025, signed by Deputy Director Kolawole Oluwadare, SERAP urged Tinubu to direct the Attorney General and anti-corruption agencies to investigate and prosecute all those responsible for the missing funds, particularly in the Nigerian Bulk Electricity Trading Plc (NBET), among other ministries and agencies.
According to the 2021 Auditor-General’s report, NBET paid over N96 billion for services not rendered, failed to account for N111 billion, and didn’t recover over N2.8 billion in debts. Previous reports also allege NBET disbursed N100 billion for unexecuted projects.
Other alarming revelations include:
• Nigerian Security Printing and Minting Company (NSPM) failed to remit over N10 billion in taxes, and didn’t account for N14 billion in contracts and N413 million in government vehicles.
• National Pension Commission failed to remit over N4 billion in internally generated revenue.
• Federal Ministry of Works (Housing) paid N1 billion without documentation.
• Federal Road Safety Corps (FRSC) failed to account for over N3 billion collected for driver’s licences, allegedly diverted to private bank accounts, and didn’t remit over N465 million in taxes.
SERAP warned that approving more loans without recovering these funds deepens Nigeria’s debt crisis and burdens citizens already grappling with poverty and inequality. The group argues that recovered money should be used to ease Nigeria’s debt burden and fund the 2025 budget.
Citing Nigeria’s constitutional and international obligations, SERAP insisted on accountability, restitution, and prosecution of those found culpable. It threatened legal action if the government fails to respond within seven days.
The World Bank loan, intended to support education, nutrition, and community resilience, was deemed unnecessary by SERAP due to the staggering financial irregularities within government institutions.
