SERAP Demands Tinubu Probe the Missing $3.4bn IMF Loan

The Socio-Economic Rights and Accountability Project (SERAP) had, on Sunday, demanded Bola Ahmed Tinubu and the anti-graft agency EFCC to probe the missing $3.4bn loaned by the International Monetary Fund (IMF).

SERAP in a statement released on its official handle on Sunday, demands Tinubu to probe the allegations that $3.4 billion loan obtained from the International Monetary Fund (IMF) is missing or diverted, and urge the government to prosecute the perpetrators and recover any missing IMF loan.

According to SERAP, 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.

In the letter dated 3 February 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators.”

The letter, read in part:

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.

Furthermore, “The Auditor-General recommends that the money be fully recovered and remitted to the public treasury and those suspected to be involved ‘sanctioned and handed over to anticorruption agencies’.

“The allegations of corruption in the spending of IMF loan documented by the Auditor-General undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.”

Meanwhile, SERAP alleged there is no information or document provided to justify the movement and spending of the ₦4,807,954,477,958.20 IMF COVID relief loan, which repayment ought to be spread from 2023 to 2027.

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Mayowa Durosinmi

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Mayowa Durosinmi is a Nigerian investigative reporter for West Africa Weekly with reports focusing on politics, human rights, security and health in West Africa and the Sahel region.

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