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SERAP sues Tinubu for not probing missing $3.4 billion IMF loan

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “the failure to probe the grim allegations that $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF) to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”
The allegations are contained in the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.
In the suit number FHC/ABJ/CS/269/2024 filed last Friday at the Federal High Court, Abuja, SERAP is asking the court “to direct and compel President Tinubu to probe the allegations that $3.4 billion loan obtained by Nigeria from the IMF to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”
SERAP is also seeking: “an order of mandamus to direct and compel President Tinubu to ensure the effective prosecution of anyone suspected to be responsible for the alleged mismanagement and diversion of the $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID- 19 pandemic.”
SERAP is also seeking: “an order of mandamus to direct and compel President Tinubu to ensure the full recovery of the missing $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID- 19 pandemic.”
In the suit, SERAP is arguing that: “Investigating these grave allegations, bringing suspected perpetrators to justice and recovering any missing IMF loan would contribute to addressing the country’s economic crisis and debt burden.”
SERAP is also arguing that, “The findings by the Auditor-General suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], national anti corruption laws, and the country’s obligations under the UN Convention against Corruption.”
According to SERAP, “Servicing IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigerians—they can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay back both the loan and accrued interests.”
SERAP is arguing that, “Unless the President is directed and compelled to get to the bottom of these damning revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes.”
The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Andrew Nwankwo, read in part: “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Granting the reliefs sought would end the impunity of perpetrators and ensure justice for victims of corruption.”
“Granting the reliefs sought would facilitate the effective implementation of the recommendations by the Auditor-General in the 2020 annual report that the missing $3.4 billion IMF loan be fully recovered and remitted to the public treasury and those responsible be ‘sanctioned and handed over to anticorruption agencies’.”
“The allegations of corruption in the spending of IMF loan documented by Auditor-General undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.”
“According to the 2020 annual audited report by the Auditor-General of the Federation published last week, the US$3.4 billion emergency financial assistance obtained from the International Monetary Fund (IMF) to finance the budget and respond to the COVID-19 pandemic is missing, diverted or unaccounted for.”
“According to the Auditor-General, no information or document was provided to justify the movement and spending of the Fund.”
“The Auditor-General has recommended that the money should be fully recovered and remitted to the public treasury and for the evidence of remittance to be forwarded to the Public Accounts Committee of the National Assembly.”
“The Auditor-General has also recommended that anyone suspected to be involved should be ‘sanctioned and handed over to the EFCC and ICPC for investigation and prosecution, as provided for in paragraph 3112 of the Financial Regulations’.”
“According to SERAP’s information, Nigeria has signed an agreement to spread the repayment of the IMF loan/interests from 2023 to 2027. The first instalment, due in 2023, is worth $497.17 million. The second instalment, due in 2024, will be worth $1.76 billion. The third instalment, due in 2025, will be worth $865.27 million.”
“The final two instalments, due in 2026 and 2027, will each be worth $33.99 million. These instalments will only be interest payments.”
“Impunity for corruption in the management of loans obtained by Nigeria will continue as long as high-ranking public officials go largely unpunished for their alleged crimes.”
“The consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.”
“The Nigerian government has a sacred duty to ensure that the country’s loans including those obtained from the IMF are transparently and accountably used solely for the purposes for which the loans are obtained, and for the effective development of public goods and services as well as the general public interests.”
“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the Nigerian government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the obligations on the government to ‘abolish all corrupt practices and abuse of power’ in the country.”
“Under Section 16(1) of the Constitution, the Nigerian government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’”
“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”
“Similarly, articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the Nigerian government to ensure proper management of public affairs and public funds including loans obtained by the country, and to promote sound and transparent administration of public affairs.”
“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption to which Nigeria is a state party obligate the Nigerian government to effectively prevent and investigate allegations of corruption and mismanagement of public funds including loans obtained by the country.”
“Specifically, article 26 of the UN convention requires the Nigerian government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.”
“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”
Joined in the suit as Respondent is Mr Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice.
No date has been fixed for the hearing of the suit.
News
2025 Budget: N4.5trn additional revenue will support economic diversification – Minister

Sen Abubakar Bagudu, the Minister of Budget and Economic Planning, has said the N4.5 trillion additional revenue in the 2025 budget would support the diversification programme of the President Bola Tinubu administration.
The minister said this while speaking to State House Correspondents on Wednesday in Abuja.
Bagudu said the N4.5 trillion additional revenue would be used to strengthen the Bank of Agriculture, Bank of Industry and support the diversification programme by putting more money in the solid minerals sector as well as infrastructure projects.
“You will recall Mr President submitted a N49 trillion budget to the National Assembly and legislative work commenced.
“The legislative work continued with interactions between the executive and the National Assembly, and the National Assembly and the Economic Management Team continued to interrogate all the figures.
“In that process, the Senate Committees on Appropriation, National Planning and Finance established that we can generate more revenue by tasking all the institutions to do more,” said the minister.
He said the Federal Inland Revenue Service confirmed that the government-owned enterprises as well as the Customs Service could contribute more revenue.
“So, additional revenue amounting to over N4.5 trillion was established, and this was taken to the President.
“He guided that this additional revenue be used to further strengthen the Bank of Agriculture, Bank of Industry, support the diversification programme by putting more money in the solid minerals sector as well as infrastructure projects,” said Bagudu.
On the Medium Term Expenditure Framework (MTEF) adjustment, he said, even when the budget was submitted, the MTEF was amended.
News
Tinubu directs security and intelligence agencies to harmonize operations to combat security challenges

President Bola Ahmed Tinubu has directed the Armed Forces, Security and Intelligent Agencies to harmonize their operations and adopt a whole of society approach in combating evolving Security challenges.
Mr. President underscored the critical importance of joint security operational effectiveness in tackling Nigeria’s emerging security challenges.
President Tinubu who was represented by the Minister of Defence, Mohammed Badaru Abubakar gave the charge at the opening session of the Chief of Defence Staff Joint Task Force Commanders Conference held at Defence Headquarters in Abuja.
The President commended the Armed Forces of Nigeria (AFN) for their unwavering dedication and sacrifice in safeguarding the nation. He noted that this year’s conference theme, “Enhancing Jointness across all Theatres of Operations,” aligns seamlessly with his administration’s strategic vision for a more secured Nigeria.
“This forum is expedient and timely especially at this time where the security landscape is dynamic and constantly evolving. Such a landscape undoubtedly requires us to harmonize our efforts and evolve proactive and innovative measures that can decisively address the security threats,“ he stated.
President Tinubu emphasized the necessity for enhanced collaboration among the military, police, intelligence agencies, and other security organizations to maximize operational efficiency. He reaffirmed his administration’s commitment to supporting the Armed Forces and all security agencies, and further highlighted the importance of continuous strategy re-evaluation, the integration of emerging technologies, and strengthening inter-agency cooperation.
“I therefore urge you to holistically explore,in detail,the concept of jointness, while harnessing the power of emerging technologies and innovation. I further implore you to continue to work together to ensure multi-agency synergy on all fronts as this will enable the Armed Forces of Nigeria remain an agile, adaptable and lethal force performing at its highest potential,“ he emphasized.
President Tinubu also expressed gratitude to the Chief of Defence Staff, Service Chiefs, and all officers and personnel of the Armed Forces for organizing the conference. He reiterated his administration’s full support for Nigeria’s security forces.
In conclusion, President Tinubu wished the participants fruitful deliberations, expressing confidence that the outcomes of the conference will significantly contribute to strengthening Nigeria’s national security framework.
News
Gov. Lawal mourns 17 students who died in Zamfara fire tragedy

Governor Dauda Lawal has expressed his condolences to the families of the 17 students who lost their lives in the fire tragedy at the Almajiri School in Zamfara State.
At least 17 students have tragically lost their lives due to a fire at an Almajiri school in Kaura-Namoda LGA of the state.
In a statement issued in Gusau on Wednesday, the governor’s spokesperson, Sulaiman Bala Idris, described the fire incident as highly unfortunate.
“I’m heartbroken by the tragic fire on Tuesday at Makarantar Mallam Ghali, an Almajiri School located in the Kauran Namoda local government area.
“On behalf of the Zamfara State Government, we extend our condolences to the families, the school, and the entire nation as we mourn the loss of these young souls.
“During this time of sorrow, may Almighty Allah provide strength and comfort to the grieving families as they navigate this difficult period. I extend my wishes for a speedy recovery for the injured.
“As a responsible government, we would examine the underlying causes of this fire and seek methods to prevent its recurrence in the future.
“We will provide all necessary support and assistance to the victims’ families.”
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