SERAP Calls On World Bank To Probe Corruption Allegations In Nigeria’s Loan Spending

SERAP Calls On World Bank To Probe Corruption Allegations In Nigeria’s Loan SpendingSocio-Economic Rights and Accountability Project (SERAP) has escalated its efforts to hold the World Bank accountable, urging the World Bank Inspection Panel to investigate alleged corruption in the spending of loans and funding facilities by the Nigerian government and state governors.

In a strongly worded complaint dated June 22, 2024, and signed by SERAP’s deputy director Kolawole Oluwadare, the organization highlighted concerns over the World Bank’s approval of numerous projects totaling over $36 billion since 1999, with purported minimal impact on poverty reduction in Nigeria.

SERAP emphasized that despite substantial loans and funding, millions of socially and economically vulnerable Nigerians lack access to essential services such as regular electricity and renewable energy solutions. The organization underscored the National Bureau of Statistics’ report indicating that over 133 million Nigerians live in poverty, with the majority being women and children.

The complaint criticized Nigerian federal and state governments for reportedly mismanaging public funds, including loans, on unnecessary expenditures like luxury travel and expensive vehicles, rather than prioritizing public welfare.

Highlighting a recent Debt Management Office (DMO) report, SERAP noted Nigeria’s staggering public debt increase from ₦97.34 trillion to ₦121.67 trillion in just three months. This includes both external and domestic debts, signaling a significant financial burden on the country.

SERAP called on the World Bank Inspection Panel to assess the extent to which World Bank operational policies were followed in project design, appraisal, and implementation. The organization urged for measures to hold both the World Bank and Nigerian authorities accountable for potential human rights violations and the alleged mismanagement of public resources.

Despite previous complaints by SERAP to the World Bank, the organization expressed dissatisfaction with the lack of concrete actions or responses from the Bank’s management. SERAP stressed the need for robust safeguards and accountability mechanisms to prevent future mismanagement and ensure transparency in project implementation across Nigeria.

Drawing on international frameworks and obligations, SERAP emphasized the World Bank’s responsibility to uphold transparency, prevent corruption, and protect human rights in line with global standards and agreements.

In conclusion, SERAP’s complaint underscores the urgency of addressing corruption allegations and improving governance practices to enhance public trust and promote sustainable development in Nigeria.