SERAP Demands Tinubu Probe Missing N233bn, Reject $1.08bn World Bank Loan
LAGOS – The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate and recover over N233 billion in missing public funds instead of accepting a $1.08 billion (approx. N1.6 trillion) World Bank loan approved last week.
In a letter dated April 5, 2025, SERAP urged the president to direct the Attorney General of the Federation, Lateef Fagbemi (SAN), and anti-corruption agencies to probe alleged financial mismanagement in key government agencies, including:
Key Allegations of Missing Funds
- Nigerian Bulk Electricity Trading Plc. (NBET):
- N96.2bn paid for “services not rendered, goods not supplied”
- N111.6bn spent in 2021 without proper accounting
- N2.9bn in uncollected revenues
- Previous N100bn paid for unexecuted projects (from earlier SERAP petitions)
- Nigerian Security Printing & Minting (NSPM):
- N10.4bn unremitted taxes
- N14.1bn contract payments violating due process
- N413m in unaccounted government vehicles
- Other Agencies:
- National Pension Commission (PENCOM): N4.4bn unremitted revenue
- Ministry of Works (Housing Sector): N1.1bn undocumented payments
- FRSC: N316m from unaccounted driver’s licenses, N3.6bn diverted license fees, N465m unremitted taxes
SERAP’s Demands
- Immediate probe into the missing funds and prosecution of suspects.
- Recovery and remittance of all missing funds to the treasury.
- Rejection of the $1.08bn World Bank loan, which SERAP calls “unnecessary” given Nigeria’s debt crisis.
- 7-day ultimatum for action, threatening legal action if ignored.
Why This Matters
- Nigeria’s debt crisis: The country already faces $108bn in external debt, with states and FG struggling with repayment.
- Auditor-General’s reports since 2021 highlight systemic corruption, yet no major recoveries or prosecutions.
- World Bank loan conditions may deepen debt dependency while missing funds could cover budget deficits.
Government’s Position
The World Bank loan is earmarked for education, nutrition, and community resilience programs. However, SERAP argues:
- “Why borrow when N233bn is missing?”
- “Recovered funds should fund the 2025 budget deficit.”
Next Steps
- If Tinubu’s government fails to act, SERAP may sue to enforce accountability.
- Anti-graft agencies (EFCC, ICPC) face pressure to reopen probes into NBET, NSPM, and other MDAs.
