SERAP Gives Tinubu 7 Days To Probe Missing $3.4bn IMF Loan”

The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu a 7-day ultimatum to direct the Attorney General of the Federation and appropriate anti-corruption agencies to investigate the alleged disappearance of a $3.4 billion loan obtained from the International Monetary Fund (IMF).

The call comes in response to revelations from the 2020 annual audited report by the Auditor-General of the Federation, exposing a lack of documentation on the movement and spending of the IMF loan.

In a letter dated February 3, 2024, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the advocacy group stressed the importance of prompt action to ensure justice and accountability for these serious allegations.

The letter emphasizes the need for prosecution if there is sufficient evidence, and the recovery of any missing IMF loan returned to the public treasury.

SERAP expressed concern about the double jeopardy for Nigerians who pay both the loan and accrued interests without seeing the benefits of the projects for which the loan was approved.

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

The Auditor-General’s report recommended the recovery of the money and remittance to the public treasury, along with sanctions for those suspected to be involved.

SERAP urged President Tinubu to take the recommended measures within 7 days and threatened legal action if there is no response within the stipulated time frame.

The allegations of missing IMF funds documented by the Auditor-General undermine economic development, trap Nigerians in poverty, and violate public trust, the Nigerian Constitution, and international anticorruption obligations.

SERAP highlights the need for transparency and accountability in the use of loans, urging the government to curb public sector corruption and address allegations of financial impropriety.