SERAP Calls on President Tinubu to Probe Missing $3.4bn IMF Loan

The Socio-Economic Rights and Accountability Project (SERAP) has intensified pressure on President Bola Tinubu to launch a thorough investigation into the whereabouts of the $3.4 billion International Monetary Fund (IMF) loan obtained in 2020 by the administration of former President Muhammadu Buhari.

The call comes after revelations from the 2020 annual audited report published by the Auditor-General of the Federation, which cast doubt on the movement and spending of the IMF loan.

In a letter dated February 3, 2024, and signed by its Deputy Director, Kolawole Oluwadare, SERAP underscored the urgency of the matter, urging President Tinubu to direct the Attorney General of the Federation and appropriate anti-corruption agencies to promptly investigate the allegations surrounding the missing IMF loan.

The Auditor-General’s report allegedly declared a lack of documentation to justify the movement and utilization of the fund, raising serious concerns about accountability and transparency.

SERAP emphasized the need for swift action to ensure that anyone suspected of involvement in the mismanagement or diversion of the IMF loan faces prosecution, should sufficient admissible evidence be found.

The organization stressed the importance of recovering any missing funds and returning them to the public treasury.

Failure to address these allegations could have dire consequences for Nigeria’s economy and exacerbate the country’s debt burden.

SERAP warned that the allegations of corruption surrounding the IMF loan undermine economic development, perpetuate poverty among Nigerians, and erode public trust in government institutions.

As SERAP presses for accountability and transparency, the public awaits President Tinubu’s response to their demand for a thorough investigation into the missing $3.4 billion IMF loan.