The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to initiate an immediate investigation into the utilization of significant loans obtained by Nigeria.
Specifically, SERAP is urging a probe into the $1.5 billion World Bank loan that was secured by Nigeria’s 36 states and the Federal Capital Territory (FCT) for poverty reduction initiatives.
SEARP also asked the Tinubu-led administration to look into the $3 billion Chinese loan taken by the Federal Government for road infrastructure projects.
The organization said it is seeking transparency and accountability regarding how the funds have been spent and managed.
”We’ve urged President Tinubu to promptly probe the spending of $1.5 billion World Bank loan obtained by Nigeria’s 36 states and Abuja for poverty reduction across the states and the $3 billion Chinese loans for road projects obtained by the Federal Government,” the organisation wrote on X.