President Tinubu Must Probe $3.4BN IMF Loan Taken By Buhari – SERAP

Socio-Economic Rights and Accountability Project has come out to call on President Bola Tinubu to probe the whereabouts of the $3.4bn loan obtained in 2020 by the administration of former President Muhammadu Buhari from the International Monetary Fund.

SERAP recently had its say via a letter signed by its Deputy Director, Kolawole Oluwadare, and Nigerians have been reacting.

According to the group, President Tinubu should direct the Attorney General of the Federation, Minister of Justice, Lateef Fagbemi, and appropriate anti-corruption agencies to promptly probe the allegations that the IMF loan is missing, diverted or unaccounted for.

SERAP added that the 2020 annual audited report published last week by the Auditor-General of the Federation documents damning revelations, including that there was no document to show the movement and spending of the IMF loan.

It read, “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators.

We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.

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.

The allegations suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations including under the UN Convention against Corruption.

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 manage the health crisis stemming from the outbreak of COVID-19 pandemic may have been missing, diverted or unaccounted for.

The Auditor-General wants the money 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.”