SERAP Requests President Tinubu to Probe the $1.5 Billion World Bank COVID-19 Loans to 36 States, With a Reason

Socio-Economic Rights and Accountability   Project (SERAP) has requested President Bola Tinubu to investigate the $1.5 billion World Bank loan given to Nigeria's 36 states and the Federal Capital Territory (FCT) for social protection and COVID-19 response. SERAP is concerned about the potential mismanagement of these funds, as well as $3.121 billion in loans from China for various projects. 

The group emphasizes the need for accountability and transparency in the use of these loans to reduce poverty and strengthen governance as the reason for the request to the President.

SERAP regretted that Nigeria's total debt stock, both external and domestic debts have risen by over 24 trillion Naira from N97.34 trillion ($108.23 billion) in December 2023 to N121.67 trillion ($91.46 billion) as of March 31, 2024.