The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate the $1.5 billion World Bank loan obtained by the 36 states of the federation and the Federal Capital Territory.
In addition to this, SERAP has urged President Tinubu to probe the alleged mismanagement of Chinese loans totaling $3.121 billion that were obtained by the Federal Government.
SERAP has requested that the President direct the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, along with the appropriate anti-corruption agencies, to promptly and thoroughly investigate how these loans were spent.
The organization emphasized the importance of transparency and accountability in the use of public funds, particularly in light of the significant sums involved. SERAP’s call for an investigation reflects concerns about potential financial mismanagement and corruption, which could undermine the intended benefits of these loans for the Nigerian people.
By addressing these concerns, SERAP hopes to ensure that the loans are used effectively and for their intended purposes, ultimately contributing to the country’s socio-economic development.
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