SERAP urges world bank to withhold loans to Nigeria

0
61
SERAP urges world bank to withhold loans to Nigeria
SERAP urges world bank to withhold loans to Nigeria

The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank to halt loans to Nigeria’s 36 states until accountability is established for previous loans amidst allegations of mismanagement.

In a letter addressed to the President of the World Bank, Mr. Ajay Banga, SERAP emphasized the need for a transparent and effective investigation into the spending of loans and other facilities by the country’s state governors.

The organization suggested measures such as demanding governors to account for loan expenditures, deploying independent monitors to oversee fund usage, and ensuring compliance with Nigerian laws.

SERAP warned of potential legal action if the World Bank fails to implement these recommendations.

The call comes amidst concerns of mismanagement or diversion of funds in various Nigerian states, raising questions about responsible lending practices.