President Bola Tinubu of Nigeria is facing legal action from the Socio-Economic Rights and Accountability Project (SERAP), a Nigerian non-governmental organization, over his alleged failure to investigate the disappearance of a $3.4 billion loan received from the International Monetary Fund (IMF) in 2020.
The lawsuit, filed on March 1, 2024, at the Federal High Court in Abuja, accuses President Tinubu of neglecting his constitutional duty to uphold transparency and accountability in public finances. According to SERAP, the 2020 annual audited report by the Auditor-General of the Federation raised concerns about the missing loan, stating that “no information or document was provided to justify the movement and spending of the Fund.”
SERAP is demanding that the court compel President Tinubu to order a prompt and effective investigation into the alleged disappearance of the loan funds. They argue that the missing money could have been used to address critical needs such as healthcare, education, and infrastructure development, especially in the face of Nigeria’s ongoing economic struggles.
The organization further emphasizes that failing to investigate these allegations could exacerbate the country’s debt burden and send a message of impunity for potential financial mismanagement.
The Nigerian government has yet to officially respond to the lawsuit. However, President Tinubu had previously, in February 2024, faced calls from SERAP to investigate the missing funds. At the time, the Presidency did not publicly address the issue.
The lawsuit has sparked public debate and drawn widespread media attention in Nigeria. Some citizens have expressed support for SERAP’s actions, highlighting concerns about corruption and the need for transparency in government spending. Others have questioned the timing of the lawsuit, considering it was filed shortly before the upcoming general elections in Nigeria.
The outcome of this lawsuit remains to be seen. If the court rules in favor of SERAP, it could set a precedent for holding public officials accountable for investigating potential financial irregularities. However, the legal process could be lengthy, and the final judgment could be appealed.
Regardless of the immediate outcome, this case raises crucial questions about transparency and accountability in public finance management in Nigeria. It also highlights the ongoing challenges the country faces in addressing corruption and ensuring responsible use of public funds.