General
SERAP Asks Buhari to Suspend $6.18bn Loan Request
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to suspend his plans to borrow a $6.18 billion loan from external sources, advising him to instead disclose spending details of the $700 million looted funds reportedly recovered in the past four years.
In a letter, the body called on Mr Buhari to reveal the location of projects completed with the money, as well as details of the contractors that executed the projects.
SERAP further wants details of how the “government plans to spend the returned £4.2 million [Mr James] Ibori loot, including details of planned capital expenditure and whether there is any plan to ensure that the money and any future returned Ibori loot would be spent to achieve justice and effective remedies for victims of corruption in Delta State.”
The Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami had last week stated that the federal government has received £4.2 million linked to former Delta State Governor, Mr James Ibori, and the plan to repatriate more than £80 million of Ibori loot.
In the Freedom of Information request dated May 22, 2021, and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organization said: “Disclosing spending details of the recovered $700 million loot, and spending plans for the £4.2 million Ibori loot would promote transparency, accountability, and be entirely consistent with your constitutional oath of office to ensure the well-being of Nigerians.”
“Rather than borrowing another N2.3 trillion ($6.18 billion) external loan, SERAP urges you to ensure transparent and accountable use of recovered loot to fund the 2021 budget, improve the country’s economy, and address widespread poverty. This would promote a just and honest government, and ensure that recovered loot is not re-stolen at the expense of the poor.
SERAP asked Mr Buhari “to withdraw your latest request seeking the approval of the National Assembly to borrow another $6.18 billion in the public interests and to ensure accountable fiscal stewardship of Nigeria’s money for both current and future generations.”
“Providing the information and widely publishing the details would also enhance your government’s authority and credibility to demand the return of more looted public funds from abroad, as well as facilitate the repatriation of potentially billions of dollars still stashed in rich countries.
“Your government has a legal obligation under the UN Convention against Corruption to ensure that recovered stolen public money is not embezzled again and that any returned loot is spent for the benefit of the real victims of corruption—the ordinary Nigerians whose commonwealth has been stolen, and who continue to suffer the consequences of grand corruption.
“SERAP notes that the consequences of corruption are felt by poor citizens on a daily basis. Corruption exposes them to additional costs to pay for health, water, education and administrative services. Another consequence of corruption is the growing inequality in the country, where the privileged few have access to all public resources, while the vast majority of citizens are deprived of access to public services.
“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution 1999 [as amended]; the Freedom of Information Act, and the country’s international obligations including under the UN Convention against Corruption and the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.
“Our requests are also entirely in line with the judgment by Justice Mohammed Idris ordering your government to widely publish up-to-date information on recovered stolen funds since the return of civilian rule in 1999. Your government has refused to obey the judgment, despite publicly promising to do so.
“We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.
“As a signatory to the UN Convention against Corruption and the African Charter on Human and Peoples’ Rights, Nigeria has committed to ensuring transparent and accountable management of public resources, and unhindered access to public information. These commitments ought to be fully upheld and respected.
“According to our information, Mr Malami recently reportedly disclosed that your government has recovered over $700 million looted funds from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years,” the group further said.
By Adedapo Adesanya
The National Bureau of Statistics (NBS) has said that the average retail price of a litre of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 22.55 per cent or N237.07 per litre to N1,288.54 in March 2026 from N1,051.47 in February.
In the Premium Motor Spirit (Petrol) Price Watch for March released on Tuesday, the NBS said on a year-on-year basis, the average retail price of fuel also increased by 2.13 per cent from N1,261.65 recorded in March 2025.
This surge in fuel prices could be linked to global disruptions brought on by the US-Israel war on Iran, which triggered the closure of the Strait of Hormuz and sent prices of crude oil above $100 per barrel.
While the country was not heavily hit by the impact, it felt the ripple effect of crude prices increasing, particularly as Dangote Refinery imported crude from other markets to cover for local feedstock shortfalls.
The data noted that by state, Anambra recorded the highest average retail price of N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16.
However, the price was cheapest in Lagos at N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40.
By zone, it was most expensive in the North East at N1,336.50 last month, while the South-West recorded the lowest at N1,232.46.
A look at the Diesel Price Watch Report for March showed that the average retail price paid by users rose by 16.05 per cent on a month-on-month basis to N1,648.08 per litre from N1,420.17 per litre a month earlier.
“On state profiles analysis, the highest average price of diesel in March was recorded in Ebonyi at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
“On the other hand, the lowest price was recorded in Kogi at N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at N1,480.06,” parts of the report said.
By Modupe Gbadeyanka
The vice-presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Datti Baba-Ahmed, has left the party to join the Peoples Redemption Party (PRP).
Speaking on Channels Television’s Politics Today, the politician said he’s no longer interested in the way the Labour Party was being run.
He disclosed that there is no more peace in the political party he flew its flag in the last general elections because of greed.
He accused the ruling All Progressives Congress (APC) of destabilising opposition political parties to ensure President Bola Tinubu does not have a credible opponent in the 2027 presidential poll.
“What the Labour Party stood for is not the same now. We have a government of today which is interested in destroying other political parties,” he said.
“I am leaving the Labour Party tomorrow (today) by 12 midnight,” Mr Baba-Ahmed said when asked about his plans for next year.
I am leaving the Labour Party [at] midnight, and I am joining PRP. PRP is the new destination. PRP is the one with a history. It’s about 75 years old,” he further stated.
He further said, “When there was real peace in the Labour Party, someone was redeployed to the Labour Party and because of the antecedents of the person, [I don’t see things getting better].
PRP, a progressive Nigerian political party, was established in 1978 by Mallam Aminu Kano. It is rooted in social democratic principles and populist ideology, often focusing on the empowerment of the talakawa (common people).
Its current National Chairman, according to data obtained from the website of the Independent National Electoral Commission (INEC), is Mr Falalu Bello, while the National Secretary is Mr Babatunde F. Alli.
By Modupe Gbadeyanka
The Director General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, has highlighted strategies deployed by her organisation to ensure pension coverage is deepened in Nigeria.
Speaking at the ISSA Technical Seminar in Abuja recently, she said the steps taken were to build a more inclusive, transparent, and responsive pension system, where communication serves not just as information, but as a bridge to trust, accessibility, and sustained industry growth.
According to her, the Contributory Pension Scheme (CPS) has, over more than two decades, built a strong institutional foundation, but true inclusion goes beyond coverage to require trust and clear communication.
For this reason, PenCom has prioritised the Personal Pension Plan, strengthened stakeholder engagement, and invested in digital channels that reach contributors in accessible and relatable ways, she stated.
Ms Oloworaran further stressed that, “Effective communication is not a soft complement to regulation; it is a core instrument of coverage expansion, compliance, and public confidence.
“Every circular we issue, every benefit we pay, and every reform we introduce ultimately succeeds or fails on whether our members can understand it and act on it.”
The ISSA Technical Seminar, themed Improving Inclusivity and Accessibility of Social Security Services Through Effective Communication, was organised in collaboration with the International Social Security Association (ISSA).
It brought together key stakeholders across West Africa to advance dialogue on strengthening social security systems through clearer, more inclusive engagement.
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