CSO Tasks Tinubu To Probe World Bank, Chinese Loans Of 36 States

By Stephen Asaba-ase

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an investigation into the $1.5 billion World Bank loan obtained by the 36 states and the Federal Capital Territory. In an open letter dated August 10, 2024, SERAP also requested that the President probe the alleged mismanagement of $3.121 billion in Chinese loans obtained by the Federal Government.

SERAP asked President Tinubu to direct the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and relevant anti-corruption agencies to conduct a thorough investigation into how the loans were spent. The organization emphasized that individuals or agencies suspected of corruption and mismanagement should face prosecution and that any proceeds of corruption should be fully recovered.

Furthermore, SERAP advised President Tinubu to instruct the Economic and Financial Crimes Commission and Independent Corrupt Practices and Other Related Offences Commission to jointly track and monitor the spending of the World Bank loan. The organization believes that ensuring accountability for the spending of these loans would build trust in democratic institutions and strengthen the rule of law.