The Socio-Economic Rights and Accountability Project (SERAP) has issued a strong call to President Bola Tinubu to prioritize accountability and transparency in governance by rejecting a recently approved $1.08 billion World Bank loan. Instead, SERAP urges the President to focus on investigating and recovering the staggering N233 billion in missing public funds highlighted in the 2021 audit report by the Office of the Auditor-General of the Federation. This substantial sum, lost through alleged mismanagement, corruption, and undocumented expenditures, represents a significant drain on Nigeria’s resources and undermines public trust. SERAP argues that securing another loan while such vast sums remain unaccounted for is not only fiscally irresponsible but also sends a dangerous message of impunity to those entrusted with public funds. The organization contends that recovering these missing funds would be a more prudent and impactful approach to addressing Nigeria’s financial challenges than accumulating further debt.
SERAP’s letter, addressed directly to President Tinubu, details the specific allegations of financial impropriety within various government agencies. The Nigerian Bulk Electricity Trading Plc (NBET) stands accused of paying over N96 billion for phantom services and goods, along with another N111 billion spent without proper accounting. The Nigerian Security Printing and Minting Company Plc is also implicated, allegedly failing to remit over N10 billion in taxes. Furthermore, the National Pension Commission and the Federal Road Safety Corps are cited for their failure to account for substantial public funds, raising concerns about potential mismanagement and corruption within these agencies. These allegations paint a troubling picture of systemic financial irregularities within the government, demanding immediate and decisive action.
The organization points to the irony of seeking a loan purportedly intended for enhancing education, community resilience, and nutrition, while simultaneously failing to address the massive hemorrhage of existing public funds. SERAP argues that the purported benefits of the loan are overshadowed by the detrimental impact of the continued loss of public resources. The organization contends that accepting further loans while ignoring the existing financial mismanagement perpetuates a cycle of debt and undermines any genuine efforts towards sustainable development. SERAP insists that true progress in education, community development, and nutrition can only be achieved through responsible financial management and the elimination of corruption.
SERAP’s call for accountability goes beyond merely identifying the missing funds. The organization demands a thorough investigation by the Attorney General of the Federation, Mr. Lateef Fagbemi (SAN), and relevant anti-corruption agencies. SERAP emphasizes the importance of not only recovering the missing N233 billion but also holding those responsible accountable through prosecution, if sufficient evidence is found. This emphasis on prosecution underscores SERAP’s commitment to ending the culture of impunity that allows such financial malfeasance to persist. The organization believes that only through decisive action and consequences can public trust be restored and future instances of corruption be deterred.
Furthermore, SERAP has issued a seven-day ultimatum to the government, demanding a concrete response to its concerns and outlining its intention to pursue legal action if its demands are ignored. This firm stance underscores the seriousness of the allegations and SERAP’s commitment to utilizing all available legal avenues to ensure accountability and transparency in government finances. The ultimatum puts pressure on the government to address the issue promptly and demonstrates SERAP’s willingness to engage in legal battles to protect the public interest. The organization’s commitment to legal action signifies its determination to ensure that the government is held accountable for its financial management practices.
In conclusion, SERAP’s call for a probe into the missing N233 billion and the rejection of the World Bank loan represents a crucial moment in Nigeria’s fight against corruption and financial mismanagement. By prioritizing the recovery of these lost funds and holding those responsible accountable, the government can send a powerful message that such actions will not be tolerated. This approach, SERAP argues, is not only more fiscally responsible than accumulating further debt but also essential for building public trust and ensuring that public resources are used effectively to address the real needs of the Nigerian people. The seven-day ultimatum and the threat of legal action further emphasize the urgency of the situation and the organization’s unwavering commitment to ensuring transparency and accountability in governance.
