JUST IN: Tinubu Dragged to Court Over Missing $3.4bn IMF Loan

JUST IN: Tinubu Dragged to Court Over Missing $3.4bn IMF Loan

  • SERAP has sued President Bola Ahmed Tinubu over his ‘failure’ to probe the ‘missing’ $3.4 billion external loan obtained by Nigeria
  • SERAP said the credit was procured by the All Progressives Congress (APC) administration from the UN-affiliated IMF, to finance the Nigerian budget and respond to the COVID-19 pandemic
  • Legit.ng reports that SERAP alleged that the fund was "missing, diverted or unaccounted for"

Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering public journalism.

FCT, Abuja - A prominent non-governmental organisation (NGO), the Socio-Economic Rights and Accountability Project (SERAP), has sued President Bola Tinubu over an alleged missing $3.4 billion loan.

According to SERAP, the loan was obtained from the International Monetary Fund (IMF).

SERAP takes President Bola Tinubu to court/Loan Nigeria took from IMF causes lawsuit against President Bola Tinubu
SERAP wants Tinubu to probe an alleged missing $3.4 billion IMF loan. Photo credits: Kola Sulaimon, Drew Angerer
Source: Getty Images

As made public on Sunday, March 3, SERAP said President Tinubu, who came into office in May 2023, failed to probe the allegations surrounding the loan obtained by Nigeria from the financial agency of the United Nations (UN).

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The plaintiff claimed that the fund which was meant to finance the country's budget and respond to the COVID-19 scourge is either "missing, diverted or unaccounted for".

The NGO in a statement signed by its deputy director, Kolawole Oluwadare, disclosed that it already filed a suit at the federal high court, Abuja, on Friday, March 1.

In the suit, SERAP is arguing that:

Investigating these grave allegations, bringing suspected perpetrators to justice, and recovering any missing IMF loan would contribute to addressing the country’s economic crisis and debt burden.

It added:

Unless the President is directed and compelled to get to the bottom of these revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes.

Read more about SERAP:

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Earlier, Legit.ng reported that Salihu Lukman, the immediate-past national vice chairman for the northwest region of the ruling APC, voiced concerns regarding certain administration policies and initiatives led by President Tinubu, stating that the government lacks inclusivity.

Lukman said that a primary concern among Nigerians, including APC members, extends beyond mere survival amidst current hardships and involves understanding the specific details of government programmes to alleviate this hardship.

Source: Legit.ng

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