SERAP advises Tinubu to investigate missing $3.4bn IMF loan

Socio-Economic Rights and Accountability Project has advised President Bola Tinubu “to direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, and appropriate anti-corruption agencies to promptly probe the allegations that $3.4 billion loan obtained from the International Monetary Fund is missing, diverted or unaccounted for.”

This is coming after, the 2020 annual audited report published last week by the Auditor-General of the Federation documents revealed that there was no document to show the movement and spending of the IMF loan. And urged him to ensure that, 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.

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

According to SERAP, 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, while, 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 anti-corruption agencies’.

 The allegations suggest a grave violation of the public trust, and the provisions of the Nigerian Constitution 1999 (as amended), while, the country’s anticorruption legislation and international anticorruption obligations included, the UN Convention against Corruption.