Socio-Economic Rights and Accountability Project (SERAP) has called on President Tinubu to initiate a thorough investigation into the alleged disappearance of a $3.4 billion loan obtained from the International Monetary Fund (IMF).
In a letter dated February 3, 2024, SERAP urged the President to direct the Attorney General of the Federation and anti-corruption agencies to probe the allegations of missing, diverted, or unaccounted funds.
The 2020 annual audited report published by the Auditor-General of the Federation last week revealed troubling findings, including the absence of documents tracking the movement and spending of the IMF loan.
SERAP emphasized the importance of ensuring accountability and justice, urging that those suspected of wrongdoing should face prosecution if sufficient evidence is found.
SERAP Deputy Director Kolawole Oluwadare stated, “Servicing IMF loan that is allegedly missing, diverted, or unaccounted for is double jeopardy for Nigerians—they can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay both the loan and accrued interests.”
The organization stressed the potential consequences of failing to investigate the allegations, warning that it could worsen the country’s debt burden and impact resource allocation. The letter highlighted the need for transparency in the use of loans and the recovery of any missing funds for the benefit of the public treasury.
According to the 2020 audited report, the $3.4 billion IMF loan was intended to finance the budget and address the health crisis caused by the COVID-19 pandemic.
The Auditor-General recommended the full recovery of the money, sanctions for those involved, and handover to anti-corruption agencies for investigation and prosecution.
SERAP stated that the allegations not only undermine the country’s economic development but also violate constitutional provisions, anticorruption legislation, and international obligations.
The organization set a seven-day deadline for a response from President Tinubu, indicating that legal action may be pursued if no action is taken.
