The Alliance on Surviving COVID-19 and Beyond (ASCAB), a prominent civic coalition led by human rights lawyer Femi Falana, SAN, has called for an immediate and independent investigation into the alleged diversion of the $3.4 billion emergency loan secured by Nigeria from the International Monetary Fund (IMF) during the height of the COVID-19 pandemic.
In a strongly worded statement released today, ASCAB expressed grave concern over recent disclosures suggesting that the funds, intended to support Nigeria’s health infrastructure and economic recovery, may have been misappropriated or diverted without due transparency and accountability.
“The IMF facility was approved in April 2020 under the Rapid Financing Instrument to help Nigeria tackle the socio-economic impact of the pandemic,” said Falana. “We are alarmed by the growing body of evidence pointing to systemic mismanagement and a deliberate cover-up of how these vital funds were utilized—or misused—by government agencies.”
ASCAB has urged President Bola Tinubu’s administration to demonstrate its commitment to transparency and good governance by launching an independent judicial inquiry into the matter. The coalition also called on the IMF and Nigeria’s National Assembly to publish a full audit of the disbursement and use of the loan.
Falana further emphasized that the alleged financial misconduct undermines public trust and deprives Nigerians of critical healthcare and social interventions during one of the nation’s most vulnerable periods.