Probe $1.5b, $3b loans to states, FG, SERAP urges Tinubu

3 months ago 175

By Silver Nwokoro

12 August 2024 | 3:33 am

SOCIO-ECONOMIC Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN), and anti-corruption agencies to investigate the spending of $1.5 billion World Bank loan obtained by 36 states and Abuja for poverty reduction and social protection. SERAP said suspected…

SERAP said suspected perpetrators of corruption and mismanagement should face prosecution and, if sufficient evidence is established, proceeds of corruption should be fully recovered from them.

The organisation also urged the President to direct Fagbemi and anti-corruption agencies to investigate the alleged mismanagement of Chinese loans of $3.121 billion obtained by the Federal Government.

SERAP stated the need for the President to instruct the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly track and monitor the spending of loans to 36 states and Abuja.

In an open letter at the weekend, signed by the Deputy Director of SERAP, Kolawole Oluwadare, the organisation said ensuring accountability for the spending of the loans would build trust in democratic institutions with the ultimate aim of strengthening the rule of law.

The body stated that impunity and corruption in the management of loans would continue as long as high-ranking public officials go largely unpunished for their alleged crimes.

SERAP noted that the truth would be revealed and justice best served if the allegations and evidence were brought before the court. According to the organisation, there are reports that the $1.5 billion World Bank loan to 36 states and Abuja and the $3 billion Chinese loans obtained by the Federal Government may have been mismanaged or diverted, and remains unaccounted for.

It said: “Investigating and prosecuting allegations of corruption and mismanagement in the spending of World Bank loans and Chinese loans would be entirely consistent with the Nigerian Constitution, and the country’s international anti-corruption obligations

“We note that while a governor may enjoy immunity from arrest and prosecution, he does not enjoy immunity from investigation. Any criminal allegation against a sitting governor can and should be investigated pending the time the governor leaves office and loses immunity.

“The findings of such investigation can also be the basis for initiating impeachment proceedings against the governor.” The organisation lamented that the allegations had undermined the ability of governments at all levels to address the debilitating poverty and economic inequality across the states and the Federal Capital Territory.

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