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SERAP Urges Tinubu To Probe Missing $3.4bn IMF Loan
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu “to direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly probe the allegations that $3.4 billion loan obtained from the International Monetary Fund (IMF) is missing, diverted or unaccounted for.”
The call was contained in a statement made available to Biztellers by SERAP on Sunday under the signature of its Deputy Director, Kolawole Oluwadare.
It averred that “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.”
The SERAP also urged him 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.”
In the letter dated 3 February 2024 and signed by Oluwadare, the SERAP stated, “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators.
“Servicing IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigerians—they can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay both the loan and accrued interests.”
According to the SERAP, “Any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing IMF loan would have serious resource allocation and exacerbate the country’s debt burden.”
The letter, read in part: “We would be grateful if the recommended measures are taken within 7 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.
“The Auditor-General recommends that the money be fully recovered and remitted to the public treasury and those suspected to be involved ‘sanctioned and handed over to anticorruption agencies’.
“The allegations of corruption in the spending of IMF loan documented by the Auditor-General undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.
“The allegations suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations including under the UN Convention against Corruption.
“According to the 2020 annual audited report by the Auditor-General of the Federation published last week, the US$3.4 billion emergency financial assistance obtained from the International Monetary Fund (IMF) to finance the budget and manage the health crisis stemming from the outbreak of COVID-19 pandemic may have been missing, diverted or unaccounted for.
“According to the Auditor-General, no information or document was provided to justify the movement and spending of Fund.
“The Auditor-General wants the money recovered and remitted to the public treasury and for the evidence of remittance to be forwarded to the Public Accounts Committee of the National Assembly.
“The Auditor-General also recommends that anyone suspected to be involved should be ‘sanctioned and handed over to the EFCC and ICPC for investigation and prosecution, as provided for in paragraph 3112 of the Financial Regulations’.
“According to reports, Nigeria is expected to spread the payment of the IMF loan from 2023 to 2027. The first instalment, due in 2023, is worth $497.17 million. The second instalment, due in 2024, will be worth $1.76 billion. The third instalment, due in 2025, will be worth $865.27 million.
“The final two instalments, due in 2026 and 2027, will each be worth $33.99 million. These instalments will only be interest payments.
“Investigating the allegations and naming and shaming and prosecuting those suspected to be responsible for the missing IMF would serve the public interest and end the impunity of perpetrators.
“Impunity for corruption in the management of loans obtained by Nigeria will continue as long as high-ranking public officials go largely unpunished for their alleged crimes. It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.
“SERAP notes that the consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.
“SERAP notes that your government has a sacred duty to ensure that the country’s loans including those obtained from the IMF are transparently and accountably used solely for the purposes for which the loans are obtained, and for the effective development of public goods and services as well as the general public interests.
“This implies providing strong leadership in the efforts to curb public sector corruption, and to refer to appropriate anticorruption agencies any allegations of corruption in which any officials and agencies of government may be involved or complicit.
“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on your government to ‘abolish all corrupt practices and abuse of power’ in the country.
“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’
“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’
“Similarly, articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on your government to ensure proper management of public affairs and public funds including loans obtained by the country, and to promote sound and transparent administration of public affairs.
“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption to which Nigeria is a state party obligate your government to effectively prevent and investigate allegations of corruption and mismanagement of public funds including loans obtained by the country.
“Specifically, article 26 of the UN convention requires your government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.
“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”
The Minister of State for Education, Prof. Suwaiba Said Ahmad, has said the Nigeria Education Loan Fund (NELFUND) now has a clear schedule for student loan payments based on submissions from institutions.
Ahmad made the disclosure while responding to concerns over alleged delays in the payment of student loans.
The minister acknowledged that there were challenges when the scheme initially commenced but said NELFUND and institutions have become more familiar with the process.
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“I wouldn’t say there is much delay in the payment because as I said, NELFUND now has a clear schedule for payment based on submission from the institutions,” she said.
“When it started, I said we had issues, but now we are used to the system now. The universities are familiar with the system, NELFUND itself is more familiar with the institutions and how it works.”
Ahmad also explained that complaints about delays may sometimes arise from individual cases or misunderstandings of the payment process.
She further clarified that students are required to apply for the NELFUND loan every academic year and are not automatically covered for the duration of their programmes after their initial application.
“You need to apply every year because we don’t know whether you are still interested in getting that loan,” the minister said.
According to her, students’ financial circumstances can change, meaning that a student who required the loan in one academic year may no longer need it in another.
Ahmad stressed that students are not compelled to take the NELFUND loan, adding that those who wish to benefit must apply before they can be paid.
She disclosed that more than 1.6 million students have so far keyed into the NELFUND scheme.
Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has raised concerns over the plight of Nigerians displaced from their communities by insecurity and forced to live in Internally Displaced Persons (IDP) camps.
Obi made the remarks in an Independence Day post shared on his official X account as Nigeria marks its 66th anniversary.
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The NDC presidential candidate said he recently visited Sokoto State alongside Senator Rabiu Kwankwaso, where they held consultations on insecurity, out-of-school children, poverty, youth unemployment, drug abuse and other challenges confronting residents.
According to Obi, their visit to the Internally Displaced Persons camp at Ramin Kura within Sokoto metropolis was particularly troubling.
He said thousands of women and children were living in deplorable conditions after being displaced from their homes and deprived of basic necessities.
“Many of the children have no access to education. Mothers and children have limited access to basic healthcare,” Obi said.
He questioned why Nigerians who should be living in their communities, attending school, farming their land, running businesses and contributing to the economy are instead living in displacement camps.
“These are Nigerians who should be living in their communities, going to school, farming their land, conducting their businesses and contributing to the economy. Instead, they live as displaced persons in their own country,” he said.
Obi said the situation reflects some of the broader challenges confronting Nigeria, including insecurity, poverty, lack of access to education and inadequate healthcare.
He argued that Independence Day should provide an opportunity for honest national reflection and for Nigerians to examine whether the country is moving in the direction envisioned by its founding fathers.
The former Anambra governor said Nigeria remains richly endowed with human and natural resources, but stressed that the country must convert those resources into human development, security, productivity and shared prosperity.
Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has asked Nigerians to reflect on the country’s challenges as Nigeria marks its 66th Independence anniversary.
Obi raised the question in an Independence Day post shared on his official X account on Thursday, October 1, 2026.
He said the anniversary should not be reduced to celebration, but should also serve as an opportunity for Nigerians to examine the country’s progress and consider whether it is moving in the direction envisioned by its founding fathers.
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According to Obi, every serious nation must continually ask three questions: “Where are we today? Where do we want to be? How do we get from where we are to where we want to be?”
He argued that despite the promises made by the APC-led government in 2023, Nigeria continues to face serious challenges across critical sectors, including poverty, insecurity, education, unemployment, food security and healthcare.
Obi cited figures which he said showed that more than 140 million Nigerians are living in poverty and severe hardship, while more than 18 million children are out of school.
He also highlighted insecurity, youth unemployment, drug abuse, food insecurity, maternal and infant mortality and low life expectancy as major concerns confronting the country.
Reflecting on the situation, Obi asked: “Are we cursed, or have we become the curse through the choices we have made and the failures we have tolerated?”
He rejected the suggestion that Nigeria is cursed, stressing that the country remains richly endowed with human and natural resources.
“The answer cannot be that Nigeria is cursed. We are a nation immensely endowed and blessed,” he wrote.
According to Obi, Nigeria’s major challenge is not a lack of resources but the failure to convert its resources into human development, productivity, security and shared prosperity.
He also referenced his recent visit to Sokoto State with Senator Rabiu Kwankwaso, where they consulted with residents on insecurity, poverty, out-of-school children, youth unemployment and drug abuse.
Obi said their visit to an Internally Displaced Persons camp at Ramin Kura in Sokoto metropolis was particularly troubling, noting the difficult conditions faced by displaced women and children.
“These are Nigerians who should be living in their communities, going to school, farming their land, conducting their businesses and contributing to the economy. Instead, they live as displaced persons in their own country,” he said.
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