SOCIO-ECONOMIC Rights and Accountability Project (SERAP) is calling on President Bola Tinubu to take action regarding the $1.5 billion World Bank loan obtained by 36 states and Abuja for poverty reduction and social protection. SERAP is urging the President to direct the Attorney General of the Federation and anti-corruption agencies to investigate the spending of this loan, ensure prosecution of suspected perpetrators of corruption, and recover proceeds of corruption.
In addition, SERAP is also requesting an investigation into the alleged mismanagement of $3.121 billion Chinese loans obtained by the Federal Government. The organisation emphasized the importance of accountability and the need to track and monitor the spending of these loans to build trust in democratic institutions and strengthen the rule of law.
SERAP highlighted the negative impact of corruption and mismanagement on the ability of governments to address poverty and economic inequality. It stated that investigating and prosecuting allegations of corruption would align with Nigeria’s Constitution and international anti-corruption obligations. The organisation also emphasized that while governors may enjoy immunity from arrest and prosecution, they do not enjoy immunity from investigation.
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