By Ayo Kehinde
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, urging instead that his administration prioritise the recovery of over N233 billion allegedly missing, diverted, or unaccounted for by the Nigerian Bulk Electricity Trading Plc (NBET) and other government ministries, departments and agencies.
In a letter dated April 5, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation also demanded that the President direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, alongside relevant anti-corruption agencies, to launch a prompt and transparent investigation into the damning allegations of financial mismanagement within the affected agencies.
According to SERAP, “The World Bank loan is neither necessary nor in the public interest, especially given the country’s crippling debt burden and the staggering amount of missing public funds that your government has failed to investigate or recover.”
SERAP insisted that no additional loan should be accepted from any international institution until all missing funds are fully recovered. The group further advised that the recovered N233 billion be deployed to fund the 2025 budget deficit and help alleviate Nigeria’s deepening debt crisis.
The World Bank had announced the approval of the $1.08 billion loan last week, stating that it was aimed at improving education quality, strengthening community resilience, and enhancing nutrition outcomes for underserved populations.
However, citing the 2021 audited report by the Office of the Auditor-General of the Federation published on November 13, 2024, SERAP revealed multiple instances of financial malpractice across several federal institutions.
The Nigerian Bulk Electricity Trading Plc reportedly paid over N96 billion for services not rendered and goods not delivered. The agency also failed to account for over N111 billion spent in 2021 and did not recover over N2.8 billion in outstanding debts.
The Nigerian Security Printing and Minting Company (NSPM) allegedly failed to remit over N10.3 billion in collected taxes and could not account for over N14.1 billion in contract payments made without following due process. NSPM was also accused of illegally taking possession of government vehicles worth over N413 million.
The National Pension Commission (PenCom) reportedly failed to remit over N4.4 billion in internally generated revenue to the Consolidated Revenue Fund.
The Federal Ministry of Works (Housing Sector) allegedly paid over N1 billion without documentation.
The Federal Road Safety Corps (FRSC) reportedly printed 52,714 national driver’s licences valued at N316 million, but failed to account for the funds. The FRSC also allegedly diverted over N3.5 billion to commercial banks and failed to remit another N465 million in collected taxes.
SERAP warned that unless swift action is taken to recover these funds and prosecute those responsible, it would initiate legal proceedings to compel the government to act in the public interest.
The group argued that the revelations point to a gross abuse of public trust and a violation of both domestic and international anti-corruption obligations, including provisions of the Nigerian Constitution, the UN Convention Against Corruption, and the African Union Convention on Preventing and Combating Corruption.
It urged the Tinubu administration to take concrete steps in line with Section 15(5) of the Constitution, which mandates the abolition of all corrupt practices, and Section 16(1), which requires the government to ensure the welfare and happiness of every Nigerian based on social justice.
According to SERAP, “Investigating and prosecuting those responsible for the missing funds would serve the public interest, deter impunity, and restore trust in public institutions.”
The group emphasised that effective and proportionate sanctions, both criminal and non-criminal, must be applied against perpetrators, as required by international anti-corruption frameworks.
