The Socio-Economic Rights and Accountability Project (SERAP) has formally requested the World Bank Inspection Panel to investigate claims of corruption tied to loans and financial aids extended to Nigeria’s federal and state governments. This comes in light of reports that the country’s total public debt surged by ₦24.33 trillion within three months, reaching ₦121.67 trillion by the end of March 2024.
Key Issues Raised by SERAP
SERAP’s complaint, addressed to the Panel’s Chair, highlights several critical issues:
- Corruption and Mismanagement: SERAP urges the Panel to assess whether the World Bank’s operational policies and procedures were adequately followed in the design, appraisal, and implementation of its funded projects in Nigeria. The organization cites long-standing allegations of corruption and mismanagement of loans and funding facilities, which have had a detrimental impact on millions of vulnerable Nigerians.
- Lack of Impact: Despite the World Bank approving 197 projects totaling over $36 billion since 1999, SERAP contends that these funds have had little to no positive impact on impoverished Nigerians. The group points to a significant portion of the population lacking access to basic services such as electricity and renewable energy solutions.
- Transparency and Accountability: The organization also emphasizes the lack of transparency and public consultation regarding these loans and projects. It claims that millions of Nigerians are deprived of the benefits these funds were meant to provide.
The latest report from the Debt Management Office (DMO) reveals a steep increase in Nigeria’s public debt, from ₦97.34 trillion in December 2023 to ₦121.67 trillion by March 2024. This escalating debt burden has prompted SERAP to question the effectiveness and oversight of World Bank-funded initiatives.
SERAP’s complaint includes a detailed list of previous World Bank-funded projects, illustrating the scale of investment and the intended objectives. Projects such as the $500 million ‘Adolescent Girls Initiative for Learning and Empowerment’ and the $750 million ‘Power Sector Recovery Performance Based Operation’ were designed to address critical issues in education and electricity supply. However, the organization argues that these projects have failed to deliver tangible benefits, partly due to alleged mismanagement and corruption.
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The complaint stresses that the alleged mismanagement of World Bank loans has contributed to violations of human rights in Nigeria. As a UN specialized agency, the World Bank is urged to uphold its commitments to transparency, accountability, and the effective management of public resources, in line with international anticorruption and human rights laws.
SERAP concludes by appealing to the Inspection Panel to hold the World Bank accountable for any lapses in due diligence and oversight. It calls for a thorough investigation to ensure that the funds are used effectively to improve the social and economic conditions of Nigerians.
