The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to urgently investigate the alleged missing N233 billion in government funds, demanding a full, independent inquiry into the matter. The organization has also urged the President to reject the proposed $108 billion World Bank loan, citing concerns over transparency, fiscal responsibility, and the impact on Nigeria's future generations.
In a statement issued today, SERAP expressed grave concern over reports that a staggering N233 billion allocated for various government projects and social welfare programs may have been misappropriated or gone missing. The organization highlighted the importance of addressing these financial irregularities, emphasizing that the investigation must be transparent, thorough, and result in accountability for those responsible.
"We are calling on President Tinubu to take decisive action and ensure that the missing N233 billion is thoroughly investigated, and that those responsible are held accountable," said SERAP’s Executive Director. "This issue of mismanagement and corruption cannot be swept under the rug if we are to restore public trust in Nigeria's financial systems."
At the same time, SERAP is strongly urging the Nigerian government to reject the proposed $108 billion loan from the World Bank, warning that such an enormous debt would place an undue burden on future generations of Nigerians. The organization contends that borrowing such a massive amount in the face of ongoing corruption and mismanagement would not only exacerbate the country’s already precarious fiscal situation but also undermine efforts to combat poverty and build a sustainable economy.
"Instead of taking on even more debt, the Nigerian government must prioritize addressing the misuse of public funds and implementing concrete reforms to improve governance and public service delivery," said SERAP’s statement.
SERAP is calling for greater transparency in Nigeria’s public financial management system, urging the government to implement mechanisms that ensure that public funds are spent efficiently and in the best interest of the Nigerian people.