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₦121.67trn Debt: SERAP Alleges World Bank Is Culpable
The Socio-Economic Rights and Accountability Project (SERAP) is of the view that the World Bank is culpable for the staggering $91.46 billion of public debts weighing Nigeria down, in addition to its misappropriation.
To this end, the SERAP has sent a complaint to the World Bank Inspection Panel demanding a thorough probe of the “allegations of corruption in the spending of the loans and other funding facilities obtained by the Federal Government and Nigeria’s 36 state governors and to review the implementation of all Bank-funded projects by successive governments since 1999.”
The SERAP urged the Inspection Panel “to determine the extent to which Bank Management has followed or is following the World Bank’ s operational policies and procedures applicable to the design, appraisal and implementation of all Bank-financed projects in Nigeria.”
The SERAP also urged the Panel “to determine the effect of any failure by the Bank Management to effectively implement its operational policies and procedures in all Bank-funded projects in several states on the social and economic rights and well-being of millions of socially and economically vulnerable Nigerians.”
The SERAP’s complaint followed the Debt Management Office (DMO)’s report last week, that Nigeria’s total public debt stock, including external and domestic debts, increased by ₦24.33 trillion in three months alone, from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion) as of March 31, 2024.
The SERAP’s averments were detailed in a letter dated 22 June 2024 and signed by SERAP deputy director Kolawole Oluwadare.
It stated, “The World Bank has over the years reportedly approved 197 projects for Nigeria, totalling over $36 billion in loans and other funding facilities [that is, $36,360,415,968.81], with little or no impact on Nigerians living in poverty.”
The SERAP said, “Nigerians are rarely informed and meaningfully and effectively consulted about several of these loans, facilities and Bank-funded projects. Nigerians continue to be denied the benefits of the loans and facilities and access to basic public goods and services.”
According to the SERAP, “Despite several loans and other funding facilities provided by the World Bank over many years, millions of socially and economically vulnerable Nigerians in several states and communities continue to lack access to regular electricity supply and have denied the benefit of renewable energy solutions.”
The complaint, addressed to the Chair of the Panel, read in part, “A recent report by the National Bureau of Statistics (NBS) revealed that over 133 million Nigerians are living in poverty, the majority of them women and children. We would therefore be grateful if the recommended measures are taken to hold the World Bank to account.
“The apparent failure by Bank Management to diligently follow the World Bank’s operational policies and procedures in Bank-funded projects have resulted in the alleged mismanagement of the loans and facilities and exposed millions of Nigerians to extreme poverty.
“We are concerned about the negative impact of the lack of transparency and accountability in the spending of loans and facilities obtained by the Federal Government and Nigeria’s 36 state governors on the social and economic well-being of millions of Nigerians and the enjoyment of their human rights.
“We are concerned that several Nigeria’s 36 states and the FCT reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in these states and the FCT continue to be denied access to basic public goods and services.
“The Federal Government and several states are also reportedly spending public funds which may include the loans and facilities obtained from the World Bank to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.
“The ₦121.67 trillion ($91.46 billion) debt represents external and domestic loans obtained by the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).
“The World Bank reportedly currently has a portfolio of about $8.5 billion spread across the country. The Bank has also approved several loans and other funding facilities to the country’s 36 states including the recent $750 million credit line meant to the states to carry out reforms to attract investment and create jobs.
“The Bank recently approved a $2.25 billion loan for Nigeria ‘to shore up revenue and support economic reforms and address cost-of-living crisis in the country.’
“In September 2002, the Bank approved $129.00 million for a project titled ‘Universal Basic Education Project: P071494’ ‘to increase the capacity of states and local governments to manage and implement the UBE program effectively and efficiently.’
“In May, 2007 the Bank approved $180.00 million for a project titled ‘Nigeria Federal Science & Technical Education at Post-Basic Levels (STEPB): P074132’, ‘to produce more and better qualified science and technology (S&T) graduates’.”
In May 2000, the Bank approved $55.00 million for a project titled ‘Second Primary Education Project: P066571’, ‘to support the implementation of Universal Basic Education.’
“In December 2000, the Bank approved $86.75 million for a project titled ‘Community Based Poverty Reduction Project: P069086’, to ‘improve access of the poor to social and economic infrastructure and increase the availability and management of development resources at the community level.’
“In March 2011, the Bank approved $160.00 million for a project titled ‘Nigeria – Growth & Employment: P069086’, ‘to increase growth and employment in Nigeria.’
“In July 2020, the World Bank approved $500.00 million for a project titled ‘Adolescent Girls Initiative for Learning and Empowerment: P170664’, ‘to improve secondary education opportunities among girls in targeted areas in participating states.’
“The Bank also approved $500.00 million in June 2023 for a project titled ‘Nigeria for Women Program Scale Up Project: P179447’, ‘to promote women’s economic empowerment and enhance the economic opportunities of unbanked women.’
“In June 2020, the Bank approved $750.00 million for a project titled ‘Power Sector Recovery Performance Based Operation: P164001’, ‘to improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability.’
“In September 2022, the Bank approved $750.00 million for a project titled ‘State Action on Business Enabling Reforms (SABER) Program: P177442’, ‘to improve the efficiency and transparency of government-to-business services in participating states.’
“Many years of allegations of corruption and mismanagement of public funds including the spending of the loans and facilities obtained by the Federal Government and Nigeria’s 36 states have contributed to widespread poverty, underdevelopment and lack of access to public goods and services in the country.
“The allegations of corruption in the loans and facilities provided by the Bank calls into question the rigor with which the Bank undertook due diligence in assessing the social, economic and environmental risks of its financed-projects in the country.
“The apparent inadequacy of safeguards and accountability mechanisms for the loans, facilities and project implementation has resulted in the alleged diversion of public funds for other purposes other than those agreed with the Bank.
“The Bank has apparently failed and/or neglected to effectively apply its various operational policies and procedures to ensure the transparent and accountable spending of its 197 loans and facilities across several states in the country.
“SERAP has over the years sent several complaints to the World Bank about the lack of transparency and accountability in the loans and facilities and the projects financed by the World Bank loans but the Bank Management has consistently failed and/or neglected to take any concrete action on the complaints.
SERAP believes that we have exhausted attempts to resolve our complaints through several communications with Bank Management.
“The harms suffered by millions of socially and economically vulnerable Nigerians as a result of the alleged corruption in the spending of loans and funding facilities provided by the Bank amount to violations of human rights guaranteed under the human rights treaties to which Nigeria is a state party.
“As a UN specialized agency, the World Bank also has an obligation to promote transparency and accountability in the management of public resources and effective implementation of the World Bank and to observe the provisions of the UN Charter, as well as the UN Convention against Corruption to which Nigeria is a state party.
“The World Bank has obligations under international anticorruption and human rights law, including a responsibility to promote transparency and accountability in the management of public funds, prevent mismanagement or diversion of public funds, and redress any abuse of public trust that they may have contributed to.
“The World Bank’s board of executive directors also has an obligation to ensure that the policies and decisions of the Bank are consistent with their own statutes and governments’ transparency and accountability obligations.
“The UN ‘Protect, Respect and Remedy’ framework for business and human rights and the “Guiding Principles on Business and Human Rights among others impose corporate responsibility on the World Bank to assess potential risks of mismanagement or diversion of their investments and to seek to prevent or mitigate those risks.
“Under Article 1 of the World Bank Articles of Agreement, the stated purposes of the Bank include ‘to assist in the reconstruction and development’. The Bank is also to ‘be guided in all its decisions by the purposes.’
“Under Article 3 section 4(vii) of the World Bank Articles of Agreement, loans made or guaranteed by the Bank ‘shall be for the purpose of specific projects of reconstruction or development.’ Also, under Article 3 section 5(b), the Bank ‘shall make arrangements to ensure that the proceeds of any loan are used only for the purposes for which the loan was granted’.”
The Indian government has directed Meta to delay the rollout of WhatsApp’s upcoming username feature, citing concerns that it could expose millions of users to fraud, phishing, and impersonation scams.
The move follows WhatsApp’s recent announcement that users worldwide would soon be able to connect using unique usernames instead of sharing their phone numbers, a feature designed to improve privacy.
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However, Indian authorities fear the change could be exploited by cybercriminals, particularly as the country continues to witness a sharp rise in online fraud.
According to reports, India’s Ministry of Electronics and Information Technology has asked Meta to suspend the launch of the feature until consultations with the government are completed.
Officials warned that fraudsters could register deceptive usernames and pose as trusted individuals or organisations, making it more difficult for users—especially those with limited digital literacy—to identify scams.
The ministry also expressed concerns that the feature could fuel phishing attacks, impersonation, and the growing trend of so-called “digital arrest” scams that have affected thousands of victims across the country.
Responding to the concerns, Meta said the username feature has not yet been launched in India. The company noted that usernames for public figures and verified accounts have already been reserved to prevent impersonation.
Meta also stressed that users will still need a phone number to create and use a WhatsApp account, adding that the platform has built multiple layers of protection into the new feature to help detect and prevent scams.
India is WhatsApp’s largest market, with more than 500 million users. Government figures show that cyber fraud losses in the country reached nearly $3 billion in 2025, almost 40 times higher than the amount recorded in 2021, underscoring the growing challenge of online crime.
The WhatsApp username feature is already available on WeChat, the messaging platform owned by Chinese technology company Tencent.
A three-year-old child has been rescued alive from beneath the rubble in Venezuela, six days after two powerful earthquakes devastated parts of the South American nation, offering a glimmer of hope amid a worsening humanitarian crisis.
The remarkable rescue took place in La Guaira, one of the areas hardest hit by the twin earthquakes measuring 7.2 and 7.5 magnitudes, which struck less than a minute apart on June 24.
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Rescue workers have continued round-the-clock search operations despite the challenges posed by repeated aftershocks.
The United Nations described the rescue as a powerful reminder that every life matters as emergency teams continue combing collapsed buildings for survivors.
According to Venezuelan authorities, the earthquakes have claimed nearly 2,000 lives, while more than 6,400 people have been rescued since the disaster struck.
Tens of thousands of survivors remain without adequate shelter, with humanitarian agencies warning that urgent needs continue to grow.
The UN refugee agency said the scale of the disaster has left thousands of families in desperate need of emergency assistance, while the UN Office for the Coordination of Humanitarian Affairs (OCHA) confirmed that national and international rescue teams remain active in the affected communities.
UN Disaster Assessment and Coordination (UNDAC) teams are also assessing the extent of the destruction and identifying communities most in need of humanitarian support.
Officials said about 1,000 buildings, including hospitals, have either been damaged or completely destroyed.
More than 400 schools and water systems have also been severely affected, worsening living conditions for residents.
To support relief efforts, the United Nations Children’s Fund (UNICEF) has delivered an initial 47-tonne shipment of humanitarian supplies, including emergency medical kits, water purification materials, safe birth supplies, wheelchairs, child-friendly tents and educational materials. The shipment follows an earlier consignment that arrived from Panama.
UNICEF said the combined aid will support more than 100,000 children and their families over the next three months.
Speaking from La Guaira, UNICEF representative Gabriel Vockel said the organisation is working around the clock to reach as many children and families as possible, while appealing for more donations to expand its life-saving operations.
UNICEF Regional Director for Latin America and the Caribbean, Roberto Benes, said many affected families are sleeping outdoors for fear of continued aftershocks and remain in urgent need of clean water, healthcare and safe shelter.
The agency estimates that about 680,000 children across six affected states require humanitarian assistance following what has been described as Venezuela’s most significant earthquake disaster in more than a century.
Authorities also reported that more than 600 aftershocks have been recorded since the initial earthquakes, increasing concerns over further damage and risks to survivors.
UNICEF is seeking $52 million to respond to the earthquake emergency as part of its broader 2026 Humanitarian Action for Children appeal for Venezuela, which remains significantly underfunded.
The battle against inflation by the Nigerian government was hit by a wave of global energy disruptions which reversed headline inflation that was on an upward trajectory, and it bowed by 15.93 per cent in May 2026.
This revelation is according to the newly released Meristem 2026 Half-Year Outlook, tagged “Stability Meets Uncertainty, Reprising Risks, Sustaining Growth,” which was officially released by Meristem on Wednesday.
The sudden reversal has been heavily tied to “Operation Epic Fury,” a 38-day joint United States-Israeli military campaign against Iran that commenced on 28 February 2026. The military action led to the effective closure of the critical Strait of Hormuz, triggering a massive global energy shock that drove Brent crude prices above $110 per barrel at its peak.
“The global oil shock trickled down into higher domestic fuel and transportation costs,” market analysts noted in the report, highlighting the swift transmission of international energy volatility into the local Nigerian economy.
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The inflationary pressure comes despite a strong macroeconomic showing elsewhere in the country. Nigeria’s Gross Domestic Product (GDP) expanded 3.89 percent year-on-year in the first quarter of 2026, marking its fastest Q1 growth pace in a decade.
This expansion was predominantly driven by vibrant non-oil sectors, including telecommunications and financial services. Furthermore, a surging trade surplus and robust portfolio inflows propelled Nigeria’s foreign reserves across the $50bn milestone in June, for the first time since 2009.
However, the domestic oil sector has struggled to capitalise fully on the high global prices. Maintenance activities at major facilities, such as the Bonga field, kept first-half crude production at a crawl. While output gradually recovered to 1.70 million barrels per day in May, it remained safely below the Federal Government’s budgetary benchmark of 1.84mbpd.
The resurgence of inflation in Nigeria mirrors a broader global trend, as central banks worldwide have been forced to pivot. The era of monetary easing has faced abrupt interruptions, with the European Central Bank and the Bank of Japan delivering surprise 25-basis-point rate hikes to combat energy-driven price hikes.
With central banks shifting to a “higher for longer” interest rate stance to contain these reignited inflation fears, the report notes that Nigerian policymakers face the delicate task of balancing robust domestic growth against compounding, energy-induced living costs in the second half of the year.
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