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The Socio-Economic Rights and Accountability Project, SERAP, has said that the over $36 billion loans to fund 197 projects in Nigeria have failed to impact citizens as the country’s debt profile rose to N121.67 trillion.
Kolawole Oluwadare, SERAP Deputy Director, disclosed this in a statement on Sunday.
Recall Debt Management Office said in its recent report that Nigeria’s debt rose to N121.67 trillion at the end of March 2024 from N97.34 trillion at the end of 2023.
Reacting to Nigeria’s rising debt profile, SERAP alleged that the World Bank’s loan to the country has not succeeded in taking Nigerians out of the party line.
The group urged the World Inspection Panel to probe allegations of corruption in the spending of loans and other funding facilities obtained by the Federal Government and Nigeria’s 36 state governors and to review the implementation of all bank-funded projects by successive governments since 1999.”
“The World Bank has over the years reportedly approved 197 projects for Nigeria, totaling 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.
“The Bank has failed and/or neglected to effectively apply its various operational policies and procedures to ensure the transparent and accountable spending of its 197 loans and facilities across several states in the country,” SERAP said.
