By Abiola Olawale
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to commence an immediate inquiry into the utilization of substantial loans sourced by the 36 governors of Nigeria.
SERAP, in an open letter dated August 10, 2024, signed by the group’s Deputy Director, Kolawole Oluwadare, called on the President to specifically probe what it called the $1.5 billion World Bank loan that was secured by Nigeria’s 36 states and the Federal Capital Territory (FCT) for poverty reduction initiatives.
Also, the organisation tasked the Tinubu-led administration to look into the $3 billion Chinese loan taken by the Federal Government for road infrastructure projects.
The organization said it is seeking transparency and accountability regarding how the funds have been spent and managed.
SERAP stated that so long as “high-ranking public officials go largely unpunished for their alleged crimes,” there would be a continued “impunity for corruption in the management of World Bank loans and Chinese loans.”
The statement reads in part: ”We’ve urged President Tinubu to promptly probe the spending of $1.5 billion World Bank loan obtained by Nigeria’s 36 states and Abuja for poverty reduction across the states and the $3 billion Chinese loans for road projects obtained by the Federal Government.”
