Socio-Economic Rights and Accountability Project, SERAP, has dragged President Bola before a Federal High Court sitting in Abuja, for failure to probe the grim allegations that $3.4 billion loan obtained by Nigeria from the International Monetary Fund, IMF, to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.
SERAP in the suit is asking the court “to direct and compel President Tinubu to probe the allegations that $3.4 billion loan obtained by Nigeria from the IMF to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”
Recall that the allegations were contained in the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.
The rights group, is further asking the court for “an order of mandamus to direct and compel President Tinubu to ensure the effective prosecution of anyone suspected to be responsible for the alleged mismanagement and diversion of the $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID- 19 pandemic.”
It also wants the court for “an order of mandamus to direct and compel President Tinubu to ensure the full recovery of the missing $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID- 19 pandemic.”
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SERAP is further arguing in the suit that: “Investigating these grave allegations, bringing suspected perpetrators to justice and recovering any missing IMF loan would contribute to addressing the country’s economic crisis and debt burden.”
It also argued that, “The findings by the Auditor-General suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”
According to SERAP, “Servicing IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigerians, they can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay back both the loan and accrued interests.”
SERAP contends that, “Unless the President is directed and compelled to get to the bottom of these damning revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes.”
Meanwhile, no date has been fixed for the hearing of the suit.
