Socio-Economic Rights and Accountability Project, (SERAP), has filed a lawsuit against President Bola Tinubu over the failure to probe the grim allegations that $3.4 billion loan obtained by Nigeria from the International Monetary Fund to finance the Budget and respond to Covid-19 is missing, diverted or unaccounted for.
The allegations are contained in the recently published 2020 Nigerias annual audited report by the Auditor-General of the Federation.
In the suit, filed last Friday at the Federal High Court, Abuja, SERAP is asking the court to direct and compel President Tinubu to probe the allegations that $3.4 billion loan obtained by Nigeria from the IMF to finance the budget and respond to Covid-19 is missing, diverted or unaccounted for.
SERAP is also seeking, an order of mandamus to direct and compel President Tinubu to ensure the effective prosecution of anyone suspected to be responsible for the alleged mismanagement and diversion of the $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the Covid-19 pandemic.
SERAP is also seeking: an order of mandamus to direct and compel President Tinubu to ensure the full recovery of the missing $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the Covid-19 pandemic.
In the suit, filed on its behalf by its lawyers Kolawole Oluwadare and Andrew Nwankwo, SERAP is arguing that: Investigating these grave allegations, bringing suspected perpetrators to justice, and recovering any missing IMF loan would contribute to addressing the countrys economic crisis and debt burden.
SERAP also argued that The findings by the Auditor-General suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), national anticorruption laws, and the countrys obligations under the UN Convention against Corruption.
According to SERAP, Servicing IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigeriansthey can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay back both the loan and accrued interests.
SERAP also stressed that Unless the President is directed and compelled to get to the bottom of these damning revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes.
