By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has sent a complaint to the World Bank Inspection Panel to probe allegations of corruption in the spending of the loans and other funding facilities obtained by the Federal Government and Nigeria’s 36 state governors and to review the implementation of all bank-funded projects by successive governments since 1999.
The petition, addressed to the Chair of the Panel, said that N121.67 trillion ($91.46 billion) debt represents external and domestic loans obtained by the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).
This came after the Debt Management Office (DMO) reported that Nigeria’s total public debt stock, including external and domestic debts, increased by N24.33 trillion in three months alone, from N97.34 trillion ($108.23 billion) in December 2023 to N121.67 trillion ($91.46 billion) as of March 31, 2024.
SERAP urged the inspection panel “to determine the extent to which bank management has followed or is following the World Bank’s operational policies and procedures applicable to the design, appraisal and implementation of all bank-financed projects in Nigeria.”
The group also appealed to the panel “to determine the effect of any failure by the Bank Management to effectively implement its operational policies and procedures in all Bank-funded projects in several states on the social and economic rights and well-being of millions of socially and economically vulnerable Nigerians.”
In the letter dated June 22, 2024, and signed by its deputy director, Mr Kolawole Oluwadare, the organisation said: “The World Bank has over the years reportedly approved 197 projects for Nigeria, totalling over $36 billion in loans and other funding facilities [that is, $36,360,415,968.81], with little or no impact on Nigerians living in poverty.”
“Nigerians are rarely informed and meaningfully and effectively consulted about several of these loans, facilities and Bank-funded projects. Nigerians continue to be denied the benefits of the loans and facilities and access to basic public goods and services.”
“Despite several loans and other funding facilities provided by the World Bank over many years, millions of socially and economically vulnerable Nigerians in several states and communities continue to lack access to regular electricity supply and have denied the benefit of renewable energy solutions.”
SERAP charged the World Bank’s board of executive directors with their obligations to ensure that the policies and decisions of the bank are consistent with their statutes and government’s transparency and accountability obligations.