The Socio-Economic Rights and Accountability Project (SERAP) has sparked controversy. They have demanded an investigation into allegations of missing public funds. The alleged amount is over N233 billion. The organization has urged President Bola Tinubu to reject the recently approved $1.08 billion World Bank loan and instead prioritize the investigation into the missing funds.
SERAP argues that the loan is unnecessary. Nigeria is in a current financial crisis. There is also a staggering amount of unaccounted funds within various government sectors. The organization believes that addressing the country’s crippling debt burden is crucial. Recovery of missing public funds from ministries, departments, and agencies (MDAs) should take precedence over seeking additional loans.
The 2021 audited report by the Office of the Auditor-General of the Federation highlights several cases of missing funds, including:
– Nigerian Bulk Electricity Trading Plc (NBET): Paid over N96 billion for services not performed and goods not supplied, and spent over N111 billion in 2021 without proper accounting.
– Nigerian Security Printing and Minting Company Plc: Failed to remit over N10 billion in taxes.
– National Pension Commission and Federal Road Safety Corps: Failed to account for significant amounts of public funds, with allegations of mismanagement and corruption.
SERAP has given the government a seven-day ultimatum to address these issues, warning that if no action is taken, it will pursue legal measures to compel the government to act. The organization emphasizes the need for accountability, investigation, and prosecution of those responsible for the missing funds.
The organisation called on the Attorney General of the Federation, Mr. Lateef Fagbemi (SAN), as well as anti-corruption agencies to investigate the allegations promptly.
“Anyone suspected to be responsible should face prosecution as appropriate. This should happen if there is sufficient admissible evidence. Any missing public funds should be fully recovered. These funds should then be sent to the treasury”. This statement was made by SERAP in a letter signed by its Deputy Director, Kolawole Oluwadare.
The missing funds have significant implications for Nigeria’s economy and development. The country’s infrastructure is in dire need of repair. It also needs an upgrade. The missing funds could have been used to address these issues. The allegations of corruption and mismanagement also undermine trust in government institutions. They highlight the need for greater accountability and transparency.
The World Bank loan is intended to support Nigeria’s development goals, including improving education quality, building household and community resilience, and improving nutrition for underserved groups. However, SERAP argues that the loan is not necessary given the country’s current financial situation and the staggering amount of missing public funds.
In conclusion, SERAP’s demand for an investigation into allegations of missing public funds has sparked controversy and highlighted the need for greater accountability and transparency in government institutions. The allegations of corruption and mismanagement undermine trust in government institutions and highlight the need for urgent action to address these issues.