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SERAP sues Tinubu over failure to probe missing $3.4bn IMF loan to finance budget, respond to COVID-19
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The Socio-Economic Rights and Accountability Project (SERAP) has filed a fresh lawsuit against President Bola Tinubu.
The lawsuit concerns “the failure (of the President) 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 numbered 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 argues: “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.
“The findings by the Auditor-General suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”
SERAP noted that “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.”
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 the 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.”
Joined in the suit as Respondent is Mr Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice.
News
WOPU Honors Union Leader and Statesman, Joseph Akinlaja at 76
The Working People United (WOPU), a nationwide grassroots and workers’ movement, has joined countless well-wishers in celebrating Hon. (Comrade) Joseph Iranola Akinlaja on his 76th birthday, lauding him as an outstanding labour leader and a steadfast advocate of democracy.
In a statement signed by its National Coordinator-General and immediate past President of NUPENG, Comrade (Prince) Akporeha Eniredonana Akporeha, the organization expressed gratitude to God for His enduring goodness and blessings upon Akinlaja’s life, wishing him continued health and many more years of service to the nation.
Akporeha described Comrade Akinlaja, former General Secretary of NUPENG, former President of the NLC, and a former member of the Federal Parliament, as a visionary leader and exemplary role model in both Nigeria’s political and trade union spheres.
“Happy birthday to a father, mentor, leader, and builder of men, Hon. (Comrade) Joseph Iranola Akinlaja. May Almighty God continue to shower His grace and mercy upon your remarkable and impactful life as you advance in years. You are celebrated not only today but always. Congratulations, sir.”
The statement further noted: “The Working People United (WOPU) proudly celebrates your sterling achievements as a trade unionist, astute politician, chartered arbitrator, pillar of the Nigerian youths, mentor, and devoted family man. We look forward to witnessing even greater strides in progressive leadership from you in the years ahead.”
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Obi to Kidnappers- “Please release these children for the sake of our shared humanity”
Nigeria Democratic Congress, NDC, Presidential Candidate for the upcoming presidential election in 2027, Peter Obi, has pleaded with kidnappers holding school children and their teachers for over two weeks to release them for the sake of humanity.
Writing on his X platform on Wednesday, Obi said, “I am deeply shocked and heartbroken by the condition in which these abducted school children are, as seen from their flagellated bodies. It is a painful reminder of the depth of insecurity in our land.
“I have always made it clear that the society we abuse today will take its revenge on our children tomorrow. When I first began making that statement, some of these children were not even born. This is a classic example of how the abuse of governance and society today can produce devastating consequences long after the abusers are gone.
“It is on the same line that I argue that the loans our leaders take today will hurt our children in the future, as many of them will mature for repayment and consequences long after we are gone.
“To those holding these children, I make a direct appeal to your conscience. Remember that these are innocent children – sons and daughters of people who have placed their hopes, dreams, and entire future in them. In every one of them, you will find reflections of your own children, your own family, and your own humanity.
“No grievance, no hardship, no justification can ever outweigh the sanctity of a child’s life and innocence. Whatever path has led to this moment, there is still room for remorse, for humanity, and for a change of heart. I therefore appeal to your sense of mercy: release these children immediately. “Let them go. Return them safely to society to reunite with their families”
News
Stop Heating Up Plateau, PIGD Warns Sunday Biggs
The Plateau Initiative for Growth and Development, PIGD, has called on political actors in Plateau State, especially the factional governorship candidate of the Peoples Democratic Party, PDP, Sunday Biggs, to rise above what it described as unnecessary semantics, huff and puff, and focus on the realities on ground.
In a statement issued by its National Coordinator, Nengak David, the group said Plateau’s political space should not be turned into an arena for tension, distraction or needless verbal confrontation, but should instead become a platform for serious engagement on ideas, vision and practical alternatives for the people of the state.
According to PIGD, Plateau people deserve a contest driven by substance, not noise, adding that any politician seeking to challenge Governor Caleb Mutfwang must be ready to tell citizens what he can do better than the present administration.
“Rather than stir unnecessary tension or engage in political shadowboxing, Sunday Biggs and other political actors should tell Plateau people what they can do better. The issue is not who can shout the loudest, but who can present a clear, realistic and people-centred vision for the state,” David said.
The group commended the Mutfwang administration for what it described as visible and measurable achievements across key sectors, particularly security, health, education, agriculture, transportation, water, energy, tourism and road infrastructure.
PIGD noted that in the area of security, the administration has revamped Operation Rainbow, recruited and trained over 1,500 personnel across communities, commenced the recruitment of 1,000 Forest Guards, launched the State Security and Information Centre with a toll-free line, and invested in security technology, operational vehicles and gadgets to support security agencies.
The group also pointed to major interventions in the health sector, including the recruitment of 22 medical consultants at the Plateau Specialist Hospital, construction of a modern laboratory complex, procurement of laboratory equipment worth over ₦2 billion, introduction of Electronic Medical Records, expansion of residency training and growth in PLASCHEMA enrolment from 93,605 beneficiaries in May 2023 to 319,429 by May 2026.
In education, PIGD said the Mutfwang administration has approved a 50 percent reduction in tuition fees for Plateau indigenes in state-owned tertiary institutions, increased scholarship funding by 300 percent, sponsored students abroad, constructed 397 classrooms, renovated 557 classrooms, drilled boreholes in schools and provided furniture and learning facilities through SUBEB and the AGILE Programme.
David said these achievements were too significant to be dismissed through political rhetoric, stressing that those seeking power must respond with stronger ideas rather than attempts to diminish progress already being recorded.
“It is not enough for anyone to play politics with words. Plateau people are seeing roads, health interventions, school projects, agricultural support, security reforms and efforts to restore the dignity of the state. Anyone seeking to challenge this administration must come with a better plan, not empty rhetoric,” the statement added.
PIGD further praised the administration’s agricultural interventions, including procurement of fertilisers and farming inputs worth over ₦20 billion, support for farmers with improved seedlings and equipment, youth training in modern agriculture, and the establishment of agro-processing zones in Shendam, Mangu and Heipang.
The group also highlighted ongoing road and urban renewal projects across the state, including the Utonkon–Nunku–Keana Road and flyover, Haske Gwafan road links, Jos urban road networks, zonal road projects, rural access roads under RAAMP and NG-CARES, as well as water schemes, solar-powered boreholes, mini-grids and renewable energy initiatives.
PIGD urged Biggs and other PDP actors to avoid statements capable of heating up the polity, warning that Plateau cannot afford political tension at a time citizens are looking for stability, development and responsible leadership.
“Plateau belongs to all of us. The contest for power must not become a contest for bitterness. Let those who want to govern tell the people how they will improve security, create jobs, support farmers, fix roads, strengthen education and expand healthcare. That is the kind of politics Plateau needs now,” David said.
The group reaffirmed its support for issue-based politics and responsible democratic engagement, urging Plateau citizens to demand vision, competence and realistic alternatives from all political actors instead of being distracted by semantics and political noise.
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