Emmanuel OchayiSERAP Demands Accountability for World Bank Loan
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to take decisive action in investigating the alleged mismanagement of a $1.5 billion World Bank loan meant for poverty reduction and social protection across Nigeria’s 36 states and Abuja.
The organization, known for its advocacy against corruption, made this demand through a public statement, urging the President to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, to spearhead the investigation.
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“President Tinubu must ensure that these funds are used for their intended purposes,” said Kolawole Oluwadare, SERAP’s Deputy Director.
“We are urging him to direct the Attorney General and relevant anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to thoroughly investigate how these funds were spent by the state governments.”
SERAP emphasized that the investigation should not be hindered by the immunity enjoyed by state governors. “While governors may be shielded from arrest and prosecution during their tenure, they are not immune to investigation,” Oluwadare added.
“The findings from such investigations could serve as a basis for initiating impeachment proceedings if necessary.”
Concerns Over Chinese Loans
In addition to the World Bank loan, SERAP also raised concerns about the alleged mismanagement of $3.121 billion in loans obtained from China by the Federal Government. The organization is urging President Tinubu to include these loans in the scope of the investigation.
“These Chinese loans are significant, and the public deserves to know how they were utilized,” Oluwadare stated. “We are calling on the President to direct Mr. Fagbemi and the anti-corruption agencies to promptly investigate the handling of these funds as well.”
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SERAP’s Ongoing Advocacy
SERAP’s call for accountability is part of its broader mission to promote transparency and good governance in Nigeria.
The organization has a long history of holding public officials accountable and advocating for the responsible management of public resources.
“We will continue to push for accountability at all levels of government,” Oluwadare said. “It is not enough to secure loans for development; we must ensure that these funds are not misappropriated.”
Implications for the Tinubu Administration
SERAP’s demands come at a time when President Tinubu’s administration is under pressure to address Nigeria’s economic challenges.
Ensuring the proper use of loans and public funds is seen as a critical step in gaining public trust and improving the country’s financial stability.
By directing a thorough investigation into the alleged mismanagement of these loans, President Tinubu has the opportunity to demonstrate his commitment to transparency and accountability.
“This is a chance for the President to show that his administration will not tolerate corruption,” Oluwadare concluded.
The Way Forward
As Nigerians await the government’s response, SERAP continues to advocate for the responsible management of public resources.
The organization has pledged to keep the public informed of any developments in this case and to continue its work in promoting accountability in Nigeria.
With the spotlight on these allegations, the Tinubu administration faces the challenge of addressing SERAP’s concerns while maintaining public confidence.
Whether or not these investigations will lead to concrete actions remains to be seen, but the demand for transparency is clear.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
