The 2020 annual audited report, published last week by the Auditor-General of the Federation, has revealed significant concerns, including the absence of documentation indicating the movement and expenditure of the $3.4 billion IMF loan. In response, the Socio-Economic Rights and Accountability Project (SERAP) has called on Bola Tinubu, a prominent political figure, to launch an investigation into the missing funds.
SERAP has emphasized the importance of justice and accountability, urging Tinubu to ensure that individuals suspected of involvement in the matter face appropriate prosecution if there is sufficient admissible evidence. The organization highlights that any missing IMF loan should be fully recovered and returned to the public treasury.
In a letter dated February 3, 2024, signed by SERAP deputy director Kolawole Oluwadare, the organization stressed the legitimate public interest in addressing the serious allegations documented in the Auditor-General’s report. SERAP warned that failure to investigate and take necessary actions could exacerbate the country’s debt burden and affect resource allocation.
The Auditor-General’s report suggests that the $3.4 billion emergency financial assistance obtained from the International Monetary Fund (IMF) for the COVID-19 pandemic response may have been missing, diverted, or unaccounted for. SERAP has called for a thorough investigation, prosecution of suspected perpetrators, and recovery of any missing funds to ensure transparency and accountability in the use of loans obtained by Nigeria.