A legal action has been filed against President Bola Tinubu over the alleged failure to probe the allegations that the $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF) to finance the budget and respond to COVID-19 is missing, diverted, or unaccounted for.
The suit was initiated by a Lagos-based rights group, the Socio-Economic Rights and Accountability Project (SERAP).
It is recalled that the allegations are contained in the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation (AGF).
In the suit marked FHC/ABJ/CS/269/2024 before the Federal High Court, Abuja, the group is urging the court to direct and compel President Tinubu to probe the allegations that $3.4 billion loan obtained by Nigeria from the IMF to finance the budget and respond to COVID-19 is missing, diverted, or unaccounted for.
SERAP is also seeking “an order of mandamus to direct and compel President Tinubu to ensure the effective prosecution of anyone suspected to be responsible for the alleged mismanagement and diversion of the $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID-19 pandemic.
“An order of mandamus to direct and compel President Tinubu to ensure the full recovery of the missing $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID-19 pandemic.”
According to the legal offensive, SERAP is contending that “Investigating these grave allegations, bringing suspected perpetrators to justice and recovering any missing IMF loan would contribute to addressing the country’s economic crisis and debt burden.”
SERAP which also stated that the findings by the Auditor-General suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], national anti-corruption laws, and the country’s obligations under the UN Convention against Corruption, added that “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 back both the loan and accrued interests.”
SERAP said, “Unless the President is directed and compelled to get to the bottom of these damning revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes.”
Other Respondent in the suit is the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN.
As of the time of filing this report, no date has been fixed for the hearing of the suit.
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