The Socio-Economic Rights and Accountability Project (SERAP) has asked the World Bank Inspection Panel to investigate alleged corruption in using loans and other funding obtained by the Federal Government and Nigeria’s 36 state governors.
SERAP also calls for a review of all World Bank-funded projects implemented by successive governments since 1999. The civil society organisation further urged the Inspection Panel to determine the extent to which Bank Management has followed or is following the World Bank’s operational policies and procedures applicable to the design, appraisal and implementation of all Bank-financed projects in Nigeria.
The organization made the demand on June 22, 2024, in a letter signed by its deputy director Kolawole Oluwadare – urging the Panel to determine the effect of bank management’s failure to effectively implement its operational policies and procedures in several state-funded projects on the social and economic rights and well-being of millions of socially and economically vulnerable Nigerians.
SERAP maintained the World Bank has over the years, reportedly approved 197 projects for Nigeria, totalling over $36 billion in loans and other funding facilities [that is, $36,360,415,968.81] with little or no impact on Nigerians living in poverty.
According to SERAP Nigerians are scarcely informed and consulted about several of these loans, facilities, and bank-funded projects. Nigerians continue to be denied the benefits of loans and facilities and access to essential public goods and services.
