The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan. Instead, SERAP is calling on him to instruct the Attorney General of the Federation, Mr. Lateef Fagbemi, SAN, and relevant anti-corruption agencies to immediately investigate allegations that over N233 billion of public funds have been misappropriated, diverted, or remain unaccounted for by the Nigerian Bulk Electricity Trading Plc (NBET) in Abuja and other ministries, departments, and agencies (MDAs).
SERAP emphasized that “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered and remitted to the treasury.”
The group further recommended that “the recovered N233 billion should be used to fund the deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis.”
The World Bank approved the $1.08 billion loan last week, which is intended to “enhance education quality, build household and community resilience, and improve nutrition for underserved groups.”
Despite this, SERAP has voiced strong opposition, asserting that the loan is “neither necessary nor in the public interest, especially given the country’s crippling debt burden, and staggering amount of missing public funds from MDAs that your government has failed to probe or recover.”
In a letter dated 5th of April, 2025, and signed by SERAP deputy director Kolawole Oluwadare, the organization insisted that the Nigerian government should “not collect any loan from the World Bank or any other institutions and agencies until the missing N233 billion is fully recovered, consistent with the Nigerian Constitution 1999 (as amended) and the country’s international obligations.”
SERAP is deeply concerned that “the Federal Government and Nigeria’s 36 states and the Federal Capital Territory continue to face a debt crisis, and vicious debt cycles or in debt distress or at high risk of debt distress.”
According to the UN Independent Expert on foreign debt and human rights, Nigeria is grappling with debt service costs that exceed 20 percent of tax revenues, with rising social tensions linked to poverty and inequality.
The issue of the missing N233 billion is detailed in the 2021 audited report published by the Office of the Auditor-General of the Federation on November 13, 2024. This report reveals troubling allegations, including that “the Nigerian Bulk Electricity Trading Plc., (NBET) Abuja ‘paid over N96 billion [N96,196,794,844.67] for services not performed and goods not supplied.”
Additionally, “NBET also reportedly spent over N111 billion [N111,601,369,196.22] in 2021 but failed to account for the money. NBET failed to ‘recover outstanding revenues/debts’ of over N2 billion (N2,896,304,647,500.30).”
Further allegations include that “NBET paid N100 billion to companies and contractors for projects not executed,” and the Nigerian Security Printing and Minting Company Plc. (NSPM) in Abuja “failed to remit over N10 billion [N10,393,793,419.34] of taxes collected.”
NSPM also “failed to account for over N14 billion [N14,136,472,333.16] of contract payments awarded in ‘violation of due process.’ NSPM ‘illegally took custody of government vehicles worth over N400 million [N413,343,623.00] and failed to account for the vehicles/money.”
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The National Pension Commission, Abuja, was also found to have “failed to account for over N4 billion [N4,429,550,386.58] of internally generated revenue to the Consolidated Revenue Fund,” and the Federal Ministry of Works (Housing Sector) made a payment of “over N1 billion [N1,076,662,242.61] without any documents.”
The Federal Road Safety Corps (FRSC) “printed 52,714 National Driver’s Licence [NDL] in 2020,’ amounting to over N300 million [N316,284,000.00] but failed to account for the money.”
The Auditor-General fears “the money may be missing,” and further, “FRSC failed to account for over N3 billion [N3,599,352,300.13] being money collected for driver’s licences. The money was ‘diverted to the Partners’ commercial banks accounts.’”
SERAP is calling for these allegations to be investigated immediately, and for any individuals responsible to be named, shamed, and prosecuted. The organization believes that such actions are critical to advancing “the right of Nigerians to restitution, compensation and guarantee of non-repetition” and to restoring public confidence in the fight against corruption.
The consequences of corruption, SERAP argues, are felt daily by citizens, who face additional costs for basic services such as health, education, and administration.
“Section 13 of the Nigerian Constitution imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on your government to ‘abolish all corrupt practices and abuse of power.”
The group also noted that the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption require Nigeria to effectively prevent and investigate the plundering of the country’s wealth and ensure accountability.
According to article 26 of the UN convention, Nigeria must ensure “effective, proportionate and dissuasive sanctions” in cases of grand corruption.
SERAP has requested that the recommended measures be taken within seven days, or it will consider “appropriate legal actions to compel your government to comply with our request in the public interest.”
This issue, SERAP concludes, is one of public accountability, justice, and a critical moment in Nigeria’s fight against corruption.