Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to decline the recently approved $1.08 billion loan from the World Bank.
The organization emphasized the need to prioritize recovering over N233 billion in allegedly missing or misappropriated public funds.
In an official statement dated April 5, 2025, SERAP highlighted financial mismanagement within the Nigerian Bulk Electricity Trading Plc (NBET) and other Ministries, Departments, and Agencies (MDAs), as outlined in the 2021 Auditor-General’s report.
It noted that NBET paid over N96 billion for unrendered services and goods, while an additional N111 billion remains unaccounted for.
SERAP has called for a thorough investigation into the discrepancies, prosecution of those involved, and the return of all missing funds to the national treasury. It suggested that recovered funds should be directed toward reducing the 2025 budget deficit and alleviating the nation’s debt challenges.
Additionally, the organization criticized the federal government’s debt management, noting that Nigeria’s debt servicing currently exceeds 20% of its tax revenues.
SERAP stated that taking on new external loans without addressing internal lapses exacerbates the country’s debt distress, poverty, and social challenges.
Other highlights from the Auditor-General’s report include irregularities across several agencies:
- The Nigerian Security Printing and Minting Company reportedly failed to remit N10 billion in collected taxes and could not account for N14 billion in contracts.
- The Federal Road Safety Corps (FRSC) failed to remit over N3.5 billion and printed N316 million worth of unaccounted-for driver’s licenses in 2020.
- The National Pension Commission (PenCom) failed to remit N4.4 billion in internally generated revenue.
SERAP stressed the constitutional responsibility of the government to combat corruption and ensure public welfare. It warned that failure to act decisively might prompt legal action to compel the administration to recover the missing funds and uphold transparency.
The group also urged President Tinubu to demonstrate commitment to good governance by rejecting the loan and holding officials accountable for financial mismanagement.
It emphasized that such measures would bolster public trust and set the tone for a more accountable administration.