By SpringNewsNG Media Limited | Lagos, Nigeria

In a powerful appeal to halt what it calls a deepening cycle of financial mismanagement and foreign debt, the Socio-Economic Rights and Accountability Project (SERAP) http://Socio-Economic Rights and Accountability Project (SERAP)has urged President Bola Ahmed Tinubu to reject the $1.08 billion loan recently approved by the World Bank. http://Bola Ahmed Tinubu to reject the $1.08 billion loan recently approved by the World Bank.Instead, the rights group wants the government to focus on recovering over N233 billion allegedly missing or misappropriated by key federal agencies.

In a letter dated April 5, 2025, signed by Kolawole Oluwadare, SERAP’s deputy director, the organization called for immediate investigations led by Attorney General Lateef Fagbemi, SAN, and anti-corruption agencies, with a clear directive: prosecute anyone found culpable and recover public funds for national development.

The Hidden Hole: Billions Lost in Public Agencies

SERAP’s demand follows the shocking revelations in the 2021 audited financial report released by the Office of the Auditor-General of the Federation, which details massive unaccounted-for sums in key government agencies:

Nigerian Bulk Electricity Trading Plc (NBET):

• N96.2 billion paid for services not rendered and goods not supplied
• N111.6 billion in unaccounted expenditures
• Over N2.8 trillion in unpaid and unrecovered revenues
• Previous allegations of N100 billion paid to non-existent contractors

Other Agencies Under Scrutiny:

• NSPM Plc: Failed to remit N10.3 billion in taxes, mismanaged N14.1 billion in contract funds, and held government vehicles worth N413 million without accountability
• National Pension Commission: Withheld N4.4 billion of internally generated revenue
• Federal Ministry of Works (Housing): Spent N1.07 billion without records
• FRSC: Mismanaged over N3.5 billion collected for driver’s licenses and printed licenses worth N316 million without documented usage

SERAP’s Position: “No More Loans Until There’s Justice”

SERAP argues that borrowing additional funds from the World Bank while billions remain unaccounted for not only violates the 1999 Constitution but also breaches Nigeria’s international obligations on anti-corruption and financial transparency.

“Until the N233 billion is recovered, Nigeria has no moral or legal justification to borrow from any financial institution,” SERAP said.

The group insists that the loan, though tagged for education and nutrition programs, adds to Nigeria’s crippling debt burden without addressing the real problem—systemic corruption.

A Nation on the Brink of Debt Distress

According to the UN Independent Expert on Foreign Debt and Human Rights, Nigeria’s debt service costs now exceed 20% of total revenues, raising red flags over the country’s financial sustainability and rising poverty levels.

SERAP has given the presidency a seven-day deadline to take action or face legal pressure in a bid to enforce accountability.

“There is a legitimate public interest in seeing justice delivered. Delay only deepens impunity,” the letter warned.

The Call to Action

SERAP’s letter marks a significant escalation in civil society’s demands for fiscal transparency, anti-corruption reforms, and a citizen-first governance approach. It insists that identifying and prosecuting officials behind the missing billions will not only bring restitution but restore public confidence in the government’s commitment to fight corruption.

What’s Next for Nigeria?

As inflation bites and economic hardship intensifies, citizens and observers worldwide are asking:
Should Nigeria keep borrowing while funds meant for development vanish, or demand accountability first?

With the ball now in President Tinubu’s court, the next few days could shape public trust and the future of Nigeria’s eco