“The World Bank and its partners cannot continue to give loans and other funding to these states where there are credible allegations of mismanagement or diversion of public funds,” the statement read.
“We are concerned that there is a significant risk of mismanagement or diversion of funds linked to the Bank’s investments in many of the country’s 36 states. It is neither appropriate nor responsible lending to give loans to these states only for the loans to be misspent.”
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 N9.17 trillion. It also said the Federal Government’s total public debt portfolio is N78.2 trillion.
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.
