SERAP Blows Hot Over Missing $3.4 Billion IMF Loan


The Socio-Economic Rights and Accountability Project (SERAP), has urged President Bola Tinubu last Sunday, ” to direct the Attorney General of the federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti- corruption agencies to promptly probe the allegations that $3.4 billion loan obtained from IMF is missing, diverted or unaccountable for.”

SERAP’s deputy director, Kolawole Oluwadare, said the request followed the 2020 annual audited report published last week by the Auditor-General of the Federation documents damning revelations including that there was no document to show the movement and spending of the IMF loan.

“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing IMF loan should be fully recovered and returned to the public treasury,” Oluwadare said.

According to SERAP ,noting there is a legitimate public interest in ensuring justice and accountability for these serious allegations, adding that taking appropriate measures would end the impunity of perpetrators.

“Servicing IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigerians—they can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay both the loan and accrued interests.”

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

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”

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