The Socio-Economic Rights and Accountability Project, (SERAP), has called on President Bola Tinubu to instruct the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), along with relevant anti-corruption agencies, to conduct a thorough investigation into the use of a $1.5 billion World Bank loan and a $3 billion Chinese loan.
In an open letter dated August 10, 2024, signed by its Deputy Director Kolawole Oluwadare, SERAP said it is concerned about potential mismanagement and corruption related to these loans, arguing that if there is sufficient evidence, any suspected perpetrators should face prosecution, and any proceeds from corruption should be recovered.
The organisation stressed that ensuring accountability in managing these loans is crucial for building trust in democratic institutions and strengthening the rule of law.
SERAP highlighted that impunity for corruption continues as long as high-ranking officials evade punishment. They stressed that investigating and prosecuting allegations of corruption in using these loans aligns with Nigerias constitutional and international anti-corruption obligations.
The letter pointed out that governors enjoy immunity from arrest and prosecution but are not immune from investigation. Such investigations could potentially lead to impeachment proceedings against them.
SERAP expressed concern over the lack of transparency and accountability in managing these loans. They urged the government to address these issues within seven days of the letters receipt or publication, warning that they would consider legal actions to compel compliance if necessary.
Recall that the $1.5 billion World Bank loan, approved on December 15, 2020, was intended for social protection and strengthening state-level Covid-19 responses. It includes the Nigeria CARES program, which aims to increase access to social transfers and basic services, and the SFTAS program, which aims to enhance public resource management and accountability.
The $3 billion Chinese loan, according to the Debt Management Office, is for 11 projects, including railway modernisation and airport terminal expansions.
SERAPs letter concludes by underscoring the need for justice and accountability to address the mismanagement of these loans, which impacts already impoverished citizens and undermines their ability to meet basic needs.
