Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over allegations of failing to investigate the disappearance of a $3.4 billion IMF loan intended to finance Nigeria’s budget and COVID-19 response.

In a suit filed at the Federal High Court, Abuja (FHC/ABJ/CS/269/2024), SERAP demands that Tinubu probe the missing funds and ensure accountability for those responsible.

SERAP argues that investigating these allegations and prosecuting the perpetrators would address Nigeria’s economic crisis and debt burden. They emphasize the importance of recovering the missing funds to prevent further economic hardship for Nigerians.

The lawsuit comes after the Auditor-General of the Federation’s 2020 report revealed discrepancies in the spending of the IMF loan, with no justification provided for the movement and utilization of the funds.

SERAP contends that failure to address corruption in loan management perpetuates impunity among public officials, negatively impacting citizens’ welfare and exacerbating poverty.

Joined in the suit is Mr. Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice.

No date has been set for the hearing. Stay tuned for updates on this developing story.