- SERAP has petitioned the World Bank Inspection Panel to investigate alleged corruption in the spending of loans and funding obtained by Nigeria’s government and state governors since 1999.
- The petition, filed on June 22, 2024, raises concerns over mismanagement of World Bank-funded projects, citing limited impact on poverty reduction and essential public services despite over $36 billion in approved funding.
- SERAP emphasizes the need for transparency and accountability in financial management to ensure funds intended for poverty alleviation and infrastructure development are used responsibly.
SERAP Petitions World Bank Inspection Panel Over Alleged Corruption in Nigeria’s Loan Spending
The Socio-Economic Rights and Accountability Project (SERAP) has filed a petition with the World Bank Inspection Panel, urging an investigation into alleged corruption in the spending of loans and funding facilities obtained by the Nigerian government and state governors.
In the petition dated June 22, 2024, and signed by SERAP’s deputy director Kolawole Oluwadare, the organization calls for a thorough probe into the management of World Bank-funded projects in Nigeria since 1999.
SERAP demands scrutiny to assess compliance with the World Bank’s operational policies and procedures.
The petition highlights concerns over the impact of alleged mismanagement on the social and economic rights of millions of vulnerable Nigerians.
It follows a recent report from Nigeria’s Debt Management Office revealing a significant increase in the country’s public debt stock to N121.67 trillion ($91.46 billion) as of March 31, 2024.
According to SERAP, despite over $36 billion in approved projects by the World Bank in Nigeria, there has been limited impact on poverty reduction and access to essential public goods and services.
The organization criticizes the lack of transparency and meaningful consultation with Nigerians regarding these projects.
The petition underscores the urgency of holding the World Bank accountable for its financial support, citing concerns that funds intended for poverty alleviation and infrastructure development may have been misappropriated.
SERAP’s call for action also highlights reports of unpaid salaries in several Nigerian states, raising questions about the responsible use of public funds, including those from international loans.
The World Bank currently maintains a substantial portfolio in Nigeria, with recent approvals aimed at enhancing revenue generation, economic reforms, and addressing cost-of-living challenges.
The Inspection Panel is urged to investigate these allegations thoroughly and ensure adherence to international standards of transparency and accountability in financial management.
This report was produced by the editorial team at The Gazette News | Latest News In Nigeria & the World in line with our commitment to accuracy, fairness, and responsible journalism. Information in this article is based on verified sources available at the time of publication. The Gazette News | Latest News In Nigeria & the World may update the story as new facts emerge or additional context becomes available.
The Gazette News | Latest News In Nigeria & the World accepts zero funding from governments, corporations, or political parties. No advertiser dictates our coverage. No political interest shapes our investigations. The journalism you just read exists because readers like you chose to protect it. Every contribution goes directly into the field — paying reporters, protecting sources, and ensuring the stories that matter get told without fear or favour.
Funded by Readers
Us Right Now
