SERAP demands probe of missing $3.4bn IMF loan from Buhari era

Iben Ejikeme Politics 05/02/2024

Estimated reading time: 2 minutes

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an immediate investigation into the alleged disappearance of a $3.4 billion loan obtained from the International Monetary Fund (IMF) in 2020 by the administration of former President Muhammadu Buhari.

In a statement released today, SERAP urged President Tinubu to “direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, and appropriate anti-corruption agencies to promptly probe the allegations that the IMF loan is missing, diverted or unaccounted for.”

This demand follows reports and concerns raised by various groups and individuals regarding the lack of transparency and accountability surrounding the $3.4 billion loan. SERAP, a prominent Nigerian human rights organization, has stated that “transparency and accountability are critical in ensuring that public funds are used properly and for the benefit of all Nigerians.”

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 a letter dated February 3, 2024 and signed by its Deputy Director, Kolawole Oluwadare, SERAP noted that the Auditor-General was alleged to have declared that, “no information or document was provided to justify the movement and spending of the fund”.

SERAP also urged the President 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.”

“We would be grateful if the recommended measures are taken within seven 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.”