Advertisement
News

Tinubu urged to probe $3.4bn IMF loan taken by Buhari

Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to probe the whereabouts of the $3.4bn loan obtained in 2020 by the administration of former President Muhammadu Buhari from the International Monetary Fund.

SERAP urged Tinubu “to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, and appropriate anti-corruption agencies to promptly probe the allegations that the IMF loan is missing, diverted or unaccounted for.”

According to SERAP, the 2020 annual audited report published last week by the Auditor-General of the Federation “documents damning revelations, including that there was no document to show the movement and spending of the IMF loan”.

In a letter dated February 3, 2024 and signed by its Deputy Director, Kolawole Oluwadare, SERAP noted that the Auditor-General was alleged to have declared that, “no information or document was provided to justify the movement and spending of the fund”.

SERAP also urged the President to ensure that, “anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing IMF loan should be fully recovered and returned to the public treasury.”

In the letter, the organisation quoted the Auditor-General as having recommended that the money be fully recovered and remitted to the public treasury and those suspected to be involved sanctioned and handed over to anticorruption agencies.

According to SERAP, any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing IMF loan would have serious resource allocation and exacerbate the country’s debt burden.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button