Nigeria Can’t Afford More Debt! SERAP Demands Tinubu Ditch World Bank Deal

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan.....KINDLY READ THE FULL STORY HERE▶

The group also called on the President to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to launch an urgent investigation into the alleged misappropriation or unaccounted-for sum of ₦233 billion by the Nigerian Bulk Electricity Trading Plc (NBET), Abuja, and other Ministries, Departments, and Agencies (MDAs).

According to SERAP, any individual found to be responsible should face legal action where sufficient evidence exists, and all missing public funds must be recovered and returned to the national treasury.

The organization stressed that the recovered funds could be channeled towards reducing the 2025 budget deficit and addressing Nigeria’s deepening debt crisis.

Last week, the World Bank announced the approval of a $1.08 billion loan to Nigeria for the improvement of education, community resilience, and nutrition, especially for vulnerable groups.

However, in a letter dated April 5, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP argued that the loan is unnecessary and not in the public interest, especially in light of Nigeria’s soaring debt burden and the unresolved issue of substantial missing public funds.

SERAP emphasized: “The Federal Government should refrain from securing any loans from the World Bank or any other external bodies until the ₦233 billion in missing funds is completely recovered, in line with the 1999 Nigerian Constitution (as amended) and Nigeria’s international obligations.”

The organization further warned of the escalating debt challenges faced by the Federal Government, all 36 states, and the Federal Capital Territory, many of which are already trapped in a cycle of debt or at high risk of entering one.

SERAP concluded with a seven-day ultimatum for action, stating: “If we do not receive a response within seven days of this letter’s receipt or publication, we will consider appropriate legal action to ensure compliance with our demand in the interest of the public.”

The group referenced findings from the 2021 audit report by the Auditor-General of the Federation, which uncovered significant financial irregularities—including over ₦96 billion paid by NBET for unrendered services and unsupplied goods.