SERAP (Socio-Economic Rights and Accountability Project) has called on President Bola Tinubu to reject the $1.08 billion World Bank loan, urging a probe into the missing N233 billion in public funds! 💰
In a letter dated April 5, 2025, SERAP highlighted the dire situation of Nigeria’s finances, with widespread allegations of mismanagement and financial corruption, particularly within the Nigerian Bulk Electricity Trading Plc (NBET) and other government agencies. SERAP insists that the loan is unnecessary, given the country’s current debt crisis and unaccounted funds.
They are demanding a full investigation into the N233 billion missing, with a call for prosecution and recovery of the funds, which should be used to ease Nigeria’s growing debt. The group warned that if the government doesn’t take action, they will pursue legal steps to ensure accountability.