SERAP Calls On Tinubu To Investigate Alleged Missing $3.4 Billion IMF Loan

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The Socio-Economic Rights and Accountability Project (SERAP) has made a compelling call to President Bola Tinubu, urging him to direct the Attorney General of the Federation and appropriate anti-corruption agencies to probe the alleged missing $3.4 billion loan obtained from the International Monetary Fund (IMF)…….CONTINUE READING

In a letter dated 3rd February 2024, signed by SERAP deputy director Kolawole Oluwadare, the organization stressed the urgency of investigating the serious allegations outlined in the 2020 annual audited report by the Auditor-General of the Federation.

The report, published last week, revealed damning revelations, including the absence of documentation to account for the movement and spending of the IMF loan. SERAP emphasized the need for justice and accountability, urging Tinubu to ensure that anyone suspected of involvement faces prosecution if there is sufficient admissible evidence.

The organization emphasized that any missing IMF loan should be fully recovered and returned to the public treasury. SERAP warned that failure to investigate these grave allegations would have severe consequences on resource allocation and exacerbate the country’s debt burden.

The letter stated, “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”

The allegations documented by the Auditor-General suggest a violation of public trust, constitutional provisions, and international anti-corruption obligations. SERAP called for a thorough investigation into the spending of the IMF loan and the sanctioning of those suspected to be involved.

The consequences of corruption, as highlighted by SERAP, are felt daily by citizens who bear additional costs for health, education, and administrative services. The organization stressed the importance of transparent and accountable use of loans for the effective development of public goods and services.

In concluding the letter, SERAP reminded President Tinubu of the government’s sacred duty to curb public sector corruption, emphasizing the legal obligations imposed by the Nigerian Constitution, the UN Convention against Corruption, and the African Union Convention on Preventing and Combating Corruption. The organization urged strong leadership in pursuing justice and ensuring the proper management of public funds, including loans obtained by the country.