SERAP has urged President Bola Tinubu to reject the newly approved $1.08bn World Bank loan and instead recover over N233bn allegedly missing from government agencies.
In a letter dated April 5, 2025, SERAP asked Tinubu to order an investigation into funds unaccounted for by the Nigerian Bulk Electricity Trading Plc (NBET) and others. NBET reportedly paid N96bn for unrendered services, couldn’t account for N111bn, and failed to recover N2.8bn in debts.
Other agencies cited include the Nigerian Mint, Pension Commission, Ministry of Works, and FRSC — all accused of tax evasion, misappropriation, and contract fraud.
SERAP insists the recovered funds should support Nigeria’s budget and reduce debt, warning of legal action if no steps are taken within 7 days.
