{"id":102106,"date":"2023-11-26T19:50:15","date_gmt":"2023-11-26T18:50:15","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states"},"modified":"2023-11-26T22:10:40","modified_gmt":"2023-11-26T21:10:40","slug":"n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states","title":{"rendered":"N87trn debt: SERAP asks World Bank to suspend loans to Nigeria\u2019s 36 states"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The Socio-Economic Rights and Accountability Project, SERAP, has written to the World Bank, asking it to suspend loans to the country\u2019s 36 states.<\/p>\n<p>In a letter addressed to Mr Ajay Banga, the World Bank President, SERAP urged him \u201cto promptly, transparently and effectively conduct investigation into spending of loans and other facilities by the 36 state governors\u201d.<\/p>\n<p>SERAP said the World Bank should suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of the states.<\/p>\n<p>This was disclosed in the letter dated November 25, 2023 and signed by SERAP deputy director Kolawole Oluwadare.<\/p>\n<p>SERAP said the Bank should \u201csuspend further applications for loans and any other funding to the nation\u2019s states until they are able to satisfactorily explain details of spending of loans and other facilities obtained from the Bank and its partners\u201d.<\/p>\n<p>The organisation is alleging that many of the 36 states were mismanaging public funds, including loans obtained from the Bank and its partners, and allocations from the Federal Government.<\/p>\n<p>The statement said the organization was worried 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.<\/p>\n<p>\u201cThe World Bank and its partners need to make clear to Nigeria\u2019s state governors that it would not tolerate any mismanagement or diversion of public funds by immediately suspending any pending loans and other funding to them until the allegations of mismanagement or diversion of public funds are investigated.<\/p>\n<p>\u201cSeveral state governors are also reportedly spending public funds which may include funding obtained from the Bank and its partners and allocations from the Federal Government to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.<\/p>\n<p>\u201cThe country\u2019s 36 states have reportedly spent N1.71tn on recurrent expenditures, including allowances, foreign trips, office stationery, and aircraft maintenance in the first nine months of 2023,\u201d parts of the statement read.<\/p>\n<p>SERAP threatened it would consider the option of seeking legal action should the World Bank fail or fail to implement the recommendations contained in its letter.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/nigeria\">Nigeria<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Socio-Economic Rights and Accountability Project, SERAP, has written to the World Bank, asking it to suspend loans to the country\u2019s 36 states. In a letter addressed to Mr Ajay Banga, the World Bank President, SERAP urged him \u201cto promptly, transparently and effectively conduct investigation into spending of loans and other facilities [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":102104,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,11996,254,641,580],"class_list":["post-102106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-n87trn-debt","tag-nigeria","tag-serap","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>N87trn debt: SERAP asks World Bank to suspend loans to Nigeria\u2019s 36 states - Nigeria<\/title>\n<meta name=\"description\" content=\"The Socio-Economic Rights and Accountability Project, SERAP, has written to the World Bank, asking it to suspend loans t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N87trn debt: SERAP asks World Bank to suspend loans to Nigeria\u2019s 36 states\" \/>\n<meta property=\"og:description\" content=\"The Socio-Economic Rights and Accountability Project, SERAP, has written to the World Bank, asking it to suspend loans t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-26T18:50:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-26T21:10:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/11\/sm_1701016576.92894.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"N87trn debt: SERAP asks World Bank to suspend loans to Nigeria\u2019s 36 states\",\"datePublished\":\"2023-11-26T18:50:15+00:00\",\"dateModified\":\"2023-11-26T21:10:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states\"},\"wordCount\":378,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/11\/sm_1701016576.92894.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"N87trn debt\",\"Nigeria\",\"SERAP\",\"world bank\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/n87trn-debt-serap-asks-world-bank-to-suspend-loans-to-nigerias-36-states\",\"name\":\"N87trn debt: SERAP asks World Bank to suspend loans to Nigeria\u2019s 36 states - 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