In the letter dated 25 November 2023, the group specifically wants the bank’s President, Ajay Banga, to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the 36 state governors and to suspend any loans and funding, if there is relevant admissible evidence of mismanagement or diversion of public funds by any of the states.
It also asked the global bank to suspend further applications for loans and any other funding to the 36 states until they satisfactorily, explain details of spending of loans and other facilities obtained from the Bank and its partners.
This was disclosed in a statement by SERAP deputy director Kolawole Oluwadare.
Citing data from Nigeria’s Debt Management Office, DMO, the group said the total public debt portfolio for the country’s 36 states and the Federal Capital Territory is nine point one seven trillion naira, while the Federal Government’s total public debt portfolio is seventy eight point two trillion naira.
SERAP also urged the World Bank’s chief to demand expressed commitment from Nigeria’s 36 governors to address credible allegations of mismanagement or diversion of public funds in their states.
