SERAP Urges World Bank to Suspend Loans to Nigeria’s 36 States Over Misspending

The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank to suspend all loans to Nigeria’s 36 states over widespread allegations of misspending or diversion of trillions of Naira of public funds to fund the luxurious lifestyles of politicians.

In a letter to World Bank President Ajay Banga, SERAP said that the Bank must take urgent action to address the rampant corruption that is plaguing Nigeria’s state governments. The letter states that “the Bank must not continue to pour money into a system that is rife with waste, fraud, and abuse.”

SERAP’s call comes as Nigeria’s debt crisis continues to deepen. The country’s total debt burden now stands at over N87 trillion, with the 36 states owing a significant portion of this amount.

The group’s letter warns that the Bank’s continued lending to Nigeria’s states is only exacerbating the problem of corruption. “The Bank’s loans are being used to fund the extravagant lifestyles of politicians, while ordinary Nigerians are left to bear the brunt of the debt crisis,” the letter states.

SERAP is calling on the World Bank to take the following steps:

1. Immediately suspend all loans to Nigeria’s 36 states until the Bank has conducted a thorough investigation into allegations of misspending and diversion of public funds.
2. Appoint independent monitors to oversee the spending of any future loans to Nigeria’s states.
3. Require all borrowers to publish detailed accounts of how they have spent World Bank loans.

SERAP’s letter concludes by stating that “the World Bank has a moral obligation to ensure that its loans are used for the benefit of the Nigerian people, not to enrich a small group of corrupt politicians.”

About SERAP

The Socio-Economic Rights and Accountability Project (SERAP) is a non-profit, non-partisan human rights organization based in Lagos, Nigeria. SERAP promotes human rights in Nigeria using legal advocacy, research, and public education.

Contact: Adebayo Okeola, SERAP Deputy Director, phone number: +234 908 228 9769, and official website: https://serap-nigeria.org/