SERAP is specifically urging President Tinubu to direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi (SAN) and appropriate anti-corruption agencies to carry out the probe.
The civil society organisation, which made the demand in an open letter addressed to the President and signed by its deputy director, Kolawole Oluwadare, said the investigation became necessary due to the 2020 annual audited report published last week by the Auditor-General of the Federation documents which revealed that there was no document to show the movement and spending of the IMF loan.
SERAP also urged the President to ensure that any indicted person 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.
The organisation stated that if after seven days of the receipt and publication of this letter President Tinubu failed to address issues raised, it shall consider appropriate legal actions to compel federal government to comply with our request in the public interest.
It further stated that 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.
The organisation also maintained that there is a legitimate public interest in ensuring justice and accountability for these serious allegations and it is important that government take these measures to end the impunity of perpetrators.
SERAP said servicing the IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigerians, who can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay both the loan and accrued interests.
The letter read in part: “We would be ”The Auditor-General recommends 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.
“The allegations of corruption in the spending of IMF loan documented by the Auditor-General undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.
“The allegations suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations including under the UN Convention against Corruption.
“According to the 2020 annual audited report by the Auditor-General of the Federation published last week, the US$3.4 billion emergency financial assistance obtained from the International Monetary Fund (IMF) to finance the budget and manage the health crisis stemming from the outbreak of COVID-19 pandemic may have been missing, diverted or unaccounted for.
“According to the Auditor-General, no information or document was provided to justify the movement and spending of Fund.
“The Auditor-General wants the money recovered and remitted to the public treasury and for the evidence of remittance to be forwarded to the Public Accounts Committee of the National Assembly.
“The Auditor-General also recommends that anyone suspected to be involved should be ‘sanctioned and handed over to the EFCC and ICPC for investigation and prosecution, as provided for in paragraph 3112 of the Financial Regulations.
“According to reports, Nigeria is expected to spread the payment of the IMF loan from 2023 to 2027. The first instalment, due in 2023, is worth $497.17 million. The second instalment, due in 2024, will be worth $1.76 billion. The third instalment, due in 2025, will be worth $865.27 million.
“The final two instalments, due in 2026 and 2027, will each be worth $33.99 million. These instalments will only be interest payments.
“Investigating the allegations and naming and shaming and prosecuting those suspected to be responsible for the missing IMF would serve the public interest and end the impunity of perpetrators.
“Impunity for corruption in the management of loans obtained by Nigeria will continue as long as high-ranking public officials go largely unpunished for their alleged crimes. It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.”
