SERAP Sues Tinubu, Fagbemi Over ‘missing’ ₦5.4 Trillion IMF Loan

Mayowa DurosinmiMarch 4, 20241 Mins read879

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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Bola Tinubu and the Attorney General of the Federation (AGF), Lateef Fagbemi at Federal High Court, Abuja over “the failure to probe the grim allegations that the $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF) to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”

Following the earlier reported demand for Tinubu to probe the “missing” $3.4 billion IMF loan by SERAP, the socio-economic legal and advocacy organisation has issued a statement on suing Bola Ahmed Tinubu for failure to adhere.

According to SERAP, the allegations are contained in the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.

In the suit number FHC/ABJ/CS/269/2024 filed last Friday at the Federal High Court, Abuja, SERAP is seeking: “an order of mandamus to direct and compel President Tinubu to ensure the effective prosecution of anyone suspected to be responsible for the alleged mismanagement and diversion of the $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID- 19 pandemic.”

In the suit, SERAP is also arguing that: “Investigating these grave allegations, bringing suspected perpetrators to justice, and recovering any missing IMF loan would contribute to addressing the country’s economic crisis and debt burden.”

Meanwhile, the $3.4 billion IMF loan acquired in 2020 for emergency support to Nigeria to address the COVID-19 Pandemic is equivalent to ₦5.4 trillion with no known government plans to repay yet. The Auditor General of the Federation office ignored West Africa Weekly FOIA requests on how it was spent.