SERAP urges W’Bank to probe loan spending by FG, states

The Socio-Economic Rights and Accountability Project has urged the World Bank Inspection Panel to probe allegations of corruption in the spending of the loans and other funding facilities obtained by the Federal Government and 36 state governors in Nigeria and also review the implementation of all World Bank-funded projects by successive governments since 1999.

In a complaint to the panel, the organisation also urged the panel to determine the effect of any failure by the bank management to effectively implement its operational policies and procedures in all bank-funded projects in several states on the social and economic rights and well-being of millions of socially and economically vulnerable Nigerians.

In a letter dated June 22, 2024, and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation noted that the World Bank has over the years reportedly approved 197 projects for Nigeria, totalling over $36 billion in loans and other funding facilities, with little or no impact on Nigerians living in poverty.

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N121.67tn debts: World Bank loans failed to impact NigeriansThe Socio-Economic Rights and Accountability Project, SERAP, has said that the over $36 billion loans to fund 197 projects in Nigeria have failed to impact citizens as the country’s debt profile rose to N121.67 trillion. Kolawole Oluwadare, SERAP Deputy Director, disclosed this in a statement on Sunday.
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