{"id":109338,"date":"2023-11-26T20:56:01","date_gmt":"2023-11-26T19:56:01","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=109338"},"modified":"2023-11-26T20:56:01","modified_gmt":"2023-11-26T19:56:01","slug":"serap-to-world-bank-suspend-loans-to-nigerias-36-states-over-misspending","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/serap-to-world-bank-suspend-loans-to-nigerias-36-states-over-misspending\/","title":{"rendered":"SERAP To World Bank: \u2018Suspend Loans To Nigeria\u2019s 36 States Over Misspending\u2019"},"content":{"rendered":"

The Socio-Economic Rights and Accountability Project (SERAP) has called on the World Bank to suspend issuing loans to Nigeria\u2019s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution.<\/p>\n

In the letter dated 25 November 2023, the group specifically wants the bank\u2019s President, Ajay Banga, \u201cto promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country\u2019s 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.\u201d<\/p>\n

It also asked the global bank to \u201csuspend further applications for loans and any other funding to the 36 states until these states can satisfactorily explain details of spending of loans and other facilities obtained from the Bank and its partners.\u201d<\/p>\n

This was disclosed in a statement on Sunday by SERAP deputy director Kolawole Oluwadare.<\/p>\n

\u201cThe 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,\u201d the statement read.<\/p>\n

\u201cWe are concerned that there is a significant risk of mismanagement or diversion of funds linked to the Bank\u2019s investments in many of the country\u2019s 36 states. It is neither appropriate nor responsible lending to give loans to these states only for the loans to be misspent.\u201d<\/p>\n

Citing data from Nigeria\u2019s Debt Management Office (DMO), the group said the total public debt portfolio for the country\u2019s 36 states and the Federal Capital Territory is N9.17 trillion. It also said the Federal Government\u2019s total public debt portfolio is N78.2 trillion.<\/p>\n

SERAP also urged the World Bank\u2019s chief to demand expressed commitment from Nigeria\u2019s 36 governors to address credible allegations of mismanagement or diversion of public funds in their states.<\/p>\n

<\/div>\n
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The Socio-Economic Rights and Accountability Project (SERAP) has called on the World Bank to suspend issuing loans to Nigeria\u2019s 36 states over allegations of mismanaging public funds which may include…<\/p>\n","protected":false},"author":1,"featured_media":56720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-109338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nSERAP To World Bank: \u2018Suspend Loans To Nigeria\u2019s 36 States Over Misspending\u2019 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/serap-to-world-bank-suspend-loans-to-nigerias-36-states-over-misspending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SERAP To World Bank: \u2018Suspend Loans To Nigeria\u2019s 36 States Over Misspending\u2019 - 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