Tinubu Asked To Probe Spending Of $1.5bn World Bank Loan To 36 States, $3bn Chinese Loans To FG
President Bola Tinubu has been asked to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, and appropriate anti-corruption agencies to investigate the spending of $1.5bn World Bank loan obtained by the 36 states and the Federal Capital Territory (FCT), Abuja for poverty reduction and social protection across the states.
The request was made by the Socio-Economic Rights and Accountability Project (SERAP).
SERAP also urged him to direct Fagbemi and appropriate anti-corruption agencies to investigate the alleged mismanagement of the Chinese loans of $3.121bn obtained by the Federal Government.
SERAP called on the president to instruct the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly track and monitor the spending of the $1.5bn.
In a letter dated August 10, 2024 and signed by SERAP Deputy dmDirector l, Kolawole Oluwadare, the organisation said ensuring accountability for both loans would build trust in democratic institutions with the ultimate aim of strengthening the rule of law.
SERAP argued that impunity for corruption in the management of such loans would continue as long as high-ranking public officials go largely unpunished for their alleged crimes.
According to SERAP, reports indicate that the $1.5bn World Bank loan to the 36 states and Abuja and the $3bn Chinese loans may have been mismanaged or diverted, and in any case remain unaccounted for.
The civic group called for prosecution of suspected perpetrators of corruption and mismanagement, if there is sufficient admissible evidence, adding that any proceeds of corruption should be fully recovered.
The letter, read in part: “Investigating and prosecuting allegations of corruption and mismanagement in the spending of World Bank loans and Chinese loans would be entirely consistent with the Nigerian Constitution, and the country’s international anti-corruption obligations.”
“We note that while a governor may enjoy immunity from arrest and prosecution, he does not enjoy immunity from investigation. Any criminal allegation against a sitting governor can and should be investigated pending the time the governor leaves office and loses immunity.”
“The findings of such investigation can also be the basis for initiating impeachment proceedings against the governor.”
“Your government has the legal obligation to ensure accountability for the spending of the loans obtained from the World Bank and China. SERAP is concerned about the continuing lack of transparency and accountability in the management of World Bank loans and Chinese loans obtained by the states and the Federal Government.”
SERAP highlighted that it would consider taking legal actions to compel Tinubu to comply with its request in the public interest, if he fails to take measures within 7 days of the receipt and/or publication of the letter.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”
“SERAP is concerned about years of allegations of corruption and mismanagement in the spending of World Bank loans and Chinese loans obtained by Nigeria’s 36 states and the Federal Government as well as the entrenched impunity of perpetrators.”
“These allegations have undermined the ability of governments at all levels to address the debilitating poverty and economic inequality across the states and the Federal Capital Territory,” the organisation added..
