BREAKING: World Bank Told To ‘Suspend Loans To Nigeria’s 36 States Over Misspending’

BREAKING: World Bank Told To ‘Suspend Loans To Nigeria’s 36 States Over Misspending’

The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank to halt the disbursement of loans to the 36 states of Nigeria amid allegations of mismanagement of public funds, which may include loans from the institution.

In a letter dated November 25, 2023, addressed to the bank’s President, Ajay Banga, the organization specifically calls for a thorough, transparent, and effective investigation into the utilization of loans and other financial facilities by the governors of the country’s 36 states.

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SERAP requests the suspension of any ongoing loans and funding if there is credible and admissible evidence of mismanagement or diversion of public funds by any state.

Additionally, SERAP calls on the global bank to refrain from considering further loan applications and any other funding requests from the 36 states until satisfactory explanations regarding the details of spending on loans and other facilities obtained from the Bank and its partners are provided by the states.

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This information was conveyed in a statement released on Sunday by SERAP’s deputy director, Kolawole Oluwadare.

“The World Bank and its partners cannot continue to give loans and other funding to these states where there are credible allegations of mismanagement or diversion of public funds,” the statement read.

“We are concerned that there is a significant risk of mismanagement or diversion of funds linked to the Bank’s investments in many of the country’s 36 states. It is neither appropriate nor responsible lending to give loans to these states only for the loans to be misspent.”

Referring to information obtained from Nigeria’s Debt Management Office (DMO), the organization noted that the collective public debt for the country’s 36 states and the Federal Capital Territory stands at N9.17 trillion. Additionally, the total public debt portfolio for the Federal Government is reported to be N78.2 trillion.

SERAP has further called on the head of the World Bank to seek a clear commitment from the 36 governors of Nigeria, ensuring their dedication to addressing well-founded accusations of mismanagement or diversion of public funds within their respective states.

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