The Socio-Economic Rights and Accountability Project (SERAP) has expressed concerns over the ineffectiveness of over $36 billion in loans meant to fund 197 projects in Nigeria, as the country’s debt profile surged to N121.67 trillion.
Kolawole Oluwadare, SERAP’s Deputy Director, disclosed this in a statement on Sunday.
The criticism follows a recent report from the Debt Management Office, which revealed that Nigeria’s debt had increased from N97.34 trillion at the end of 2023 to N121.67 trillion by the end of March 2024.
Reacting to the rising debt, SERAP alleged that the World Bank’s loans have failed to alleviate poverty in Nigeria.
The organization called on the World Inspection Panel to investigate allegations of corruption related to the spending of loans and other funding facilities by the Federal Government and the 36 state governors.
Additionally, SERAP urged a review of 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,” SERAP stated.
The group further criticized the World Bank for failing to effectively apply its operational policies and procedures to ensure the transparent and accountable spending of its loans and facilities across various states in the country.
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