By Hungah Peter (SIWES student, Federal Polytechnic Ilaro)
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to launch an inquiry into the allocation and utilization of the $3.4 billion loan secured by President Muhammadu Buhari’s administration from the International Monetary Fund (IMF) in 2020.
In a letter dated February 3, 2024, signed by Deputy Director Kolawole Oluwadare, SERAP emphasized the need for Tinubu to direct the Attorney General of the Federation and appropriate anti-corruption agencies to investigate allegations surrounding the IMF loan.
SERAP pointed out troubling findings from the recent annual audited report by the Auditor-General of the Federation, highlighting a lack of documentation regarding the allocation and expenditure of the IMF loan.
The report allegedly stated that there was no substantiated information regarding the movement and utilization of the funds.
The organization underscored the importance of prosecuting anyone suspected of wrongdoing and recovering any missing IMF loan to uphold justice and accountability.
Failure to address these allegations could exacerbate the country’s debt burden and impact resource allocation negatively.
SERAP stressed that corruption in the spending of the IMF loan undermines economic development, perpetuates poverty, and violates national and international anti-corruption laws.
The organization urged Tinubu’s government to take appropriate actions within seven days to address the allegations, threatening legal action if necessary.
It highlighted Nigeria’s commitment to transparent and accountable use of loans, including those from the IMF, for the benefit of the public.
In April 2020, the Federal Government pledged to use the $3.4 billion IMF loan judiciously to mitigate the impact of the COVID-19 pandemic.
Former Minister of Finance, Budget, and National Planning, Zainab Ahmed, expressed gratitude to the IMF for their assistance and assured responsible utilization of the funds.
