$3.4 Billion IMF Loan: SERAP Wants President Tinubu, Others To Probe Missing Fund

President Bola Ahmed Tinubu has been called upon to order the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, alongside the appropriate anti-corruption agencies to probe the allegations that a $3.4 billion loan obtained from the International Monetary Fund (IMF) is missing, diverted, or unaccounted for.

The call came from a Lagos-based rights group, Socio-Economic Rights and Accountability Project (SERAP), through a letter dated February 3, 2024, and signed by its deputy director, Kolawole Oluwadare.

In its letter, SERAP further asked the President to ensure that, “anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing IMF loan should be fully recovered and returned to the public treasury.”

According to SERAP, “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators.

“Servicing an 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.”

SERAP further stated that “Any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing IMF loan would have serious resource allocation and exacerbate the country’s debt burden.”

SERAP’letter, partly, reads: “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 Auditor-General recommends that the money be fully recovered and remitted to the public treasury and those suspected to be involved sanctioned and handed over to anti-corruption agencies.

“The allegations of corruption in the spending of IMF loans documented by the Auditor-General undermine the economic development of the country, trap the majority of Nigerians impoverished and deprive them of opportunities.

“The allegations suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the country’s anti-corruption legislation and international anti-corruption obligations including under the UN Convention against Corruption.”

It would be recalled that the 2020 annual audited report published last week by the Auditor-General of the Federation made public damning revelations, including that there was no document to show the movement and spending of the IMF loan.

All rights reserved. This material and other digital volumes on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from THE NEWS ACCELERATOR NETWORK.

For advert placement, please contact thenewsacceleratornetwork@gmail.com or 08033599492. For news coverage or press releases, call 08022717838.