The Socio-Economic Rights and Accountability Project (SERAP) has filed a complaint with the World Bank Inspection Panel, urging an investigation into allegations of corruption in the spending of loans and funding facilities obtained by the Federal Government and Nigeria’s 36 state governors.
SERAP claims that despite the World Bank’s approval of 197 projects for Nigeria, totaling over $36 billion in loans and facilities, many citizens continue to live in poverty and lack access to basic public goods and services. The organization alleges that the loans have had little impact on Nigerians, and that the government has failed to transparently and accountably spend the funds.
The complaint follows a report by the Debt Management Office, which revealed that Nigeria’s total public debt stock increased by N24.33 trillion in three months, from N97.34 trillion in December 2023 to N121.67 trillion as of March 31, 2024. SERAP is calling on the World Bank to determine the extent to which its operational policies and procedures have been followed in the design, appraisal, and implementation of all bank-financed projects in Nigeria.
The organization is also urging the World Bank to review the implementation of all bank-funded projects since 1999 and to determine the effect of any failure by the bank management to effectively implement its operational policies and procedures on the social and economic rights and well-being of millions of Nigerians.
SERAP’s complaint highlights the lack of transparency and accountability in the spending of loans and facilities obtained by the Federal Government and Nigeria’s 36 state governors, which has allegedly resulted in the mismanagement of funds and denied millions of Nigerians access to basic public goods and services.