$114.28m Credit: SERAP Cautions World Bank Over Disbursement To Nigeria

 $114.28m Credit: SERAP Cautions World Bank Over Disbursement To Nigeria

Advocacy group, Socio-Economic Rights and Accountability Project,SERAP, has cautioned  the World Bank over  the disbursement of $114.28m to Nigeria for the purpose of tackling economic challenges of the COVID-19 pandemic.

SERAP in an open letter on Sunday by its Deputy Director, Kolawole Oludare, to the President of the World Bank, Mr David Malpass, charged the apex bank to obtain an undertaking from the federal and state governments that they would be transparent in the handling of the funds.

The open letter was titled, ‘COVID-19: SERAP asks World Bank to ‘tread carefully in disbursing $114.28m credit for Nigeria’ read in part:

 “The World Bank has a responsibility to ensure that federal authorities and state governments are transparent and accountable to Nigerians in how they spend the approved credit and grant. The Bank should tread carefully in the disbursement of funds or distribution of resources to states if it is to reduce vulnerability to corruption and mismanagement.”

“Insisting on transparency and accountability would ensure repayment of the credit, and protect the project objectives and intended purposes for which the funds and resources are approved, disbursed and distributed.”

“The World Bank’s power to provide credits and grants is coupled with a fiduciary responsibility to ensure that governments spending such funds meet international standards of transparency and accountability, including those entrenched in the UN Convention against Corruption to which Nigeria is a state party.”

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