SERAP Urges Tinubu To Probe Spending Of $1.5bn World Bank, $3b Chinese loans

SERAP stressed that addressing these allegations aligns with constitutional and international anti-corruption obligations and is crucial for ensuring effective use of public funds.

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to launch an investigation into the management of two significant loan packages: a $1.5 billion World Bank loan and $3.121 billion in Chinese loans.

In an open letter dated August 10, 2024, SERAP’s Deputy Director, Kolawole Oluwadare, called for the Attorney-General of the Federation, Lateef Fagbemi, and relevant anti-corruption agencies to thoroughly investigate the expenditures of these funds.

The World Bank loan, distributed across Nigeria’s 36 states and the Federal Capital Territory, was intended to boost social protection and support economic recovery post-COVID-19. The funds were earmarked for projects including basic education, healthcare, and sanitation.

The Chinese loans, totaling $3.121 billion, were allocated for major infrastructure projects such as the Nigerian Railway Modernization Project and airport terminal expansions.

SERAP highlighted concerns over potential mismanagement and lack of transparency regarding these loans. They emphasized the need for accountability to enhance trust in democratic institutions and strengthen the rule of law.

The organization warned that failure to address these issues could perpetuate impunity and hinder poverty alleviation efforts.

The letter demands that SERAP’s recommended measures be implemented within seven days, or the organization will consider legal actions to compel compliance.

SERAP stressed that addressing these allegations aligns with constitutional and international anti-corruption obligations and is crucial for ensuring effective use of public funds.