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SERAP Calls on Tinubu to Reject $1.08Bn Loan, Probe Missing Funds

Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to decline the recently approved $1.08 billion loan from the World Bank.
The organization emphasized the need to prioritize recovering over N233 billion in allegedly missing or misappropriated public funds.
In an official statement dated April 5, 2025, SERAP highlighted financial mismanagement within the Nigerian Bulk Electricity Trading Plc (NBET) and other Ministries, Departments, and Agencies (MDAs), as outlined in the 2021 Auditor-General’s report.
It noted that NBET paid over N96 billion for unrendered services and goods, while an additional N111 billion remains unaccounted for.
SERAP has called for a thorough investigation into the discrepancies, prosecution of those involved, and the return of all missing funds to the national treasury. It suggested that recovered funds should be directed toward reducing the 2025 budget deficit and alleviating the nation’s debt challenges.
Additionally, the organization criticized the federal government’s debt management, noting that Nigeria’s debt servicing currently exceeds 20% of its tax revenues.
SERAP stated that taking on new external loans without addressing internal lapses exacerbates the country’s debt distress, poverty, and social challenges.
Other highlights from the Auditor-General’s report include irregularities across several agencies:
- The Nigerian Security Printing and Minting Company reportedly failed to remit N10 billion in collected taxes and could not account for N14 billion in contracts.
- The Federal Road Safety Corps (FRSC) failed to remit over N3.5 billion and printed N316 million worth of unaccounted-for driver’s licenses in 2020.
- The National Pension Commission (PenCom) failed to remit N4.4 billion in internally generated revenue.
SERAP stressed the constitutional responsibility of the government to combat corruption and ensure public welfare. It warned that failure to act decisively might prompt legal action to compel the administration to recover the missing funds and uphold transparency.
The group also urged President Tinubu to demonstrate commitment to good governance by rejecting the loan and holding officials accountable for financial mismanagement.
It emphasized that such measures would bolster public trust and set the tone for a more accountable administration.
News
PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria

In a strategic move to expand financial inclusion in Nigeria, leading mobile banking platform, PalmPay has launched a series of CSR programs across Kano and Kaduna. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.
This initiative is a bold move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna. This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.
“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots,” said Chika Nwosu, Managing Director of PalmPay. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities.”
Through this initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.
The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.
In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy. PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.
As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.
News
EFCC Witness Admits Writing Off Arik Air’s $2.3M Debt Amid N76Bn Fraud Trial


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Anambra Shines in 2025 E-Governance Rankings, Setting National Standards

Anambra State has once again demonstrated its leadership in digital transformation, emerging as one of Nigeria’s top three states in the 2025 e-Governance Report published by the Panorama CIAPS Governance Performance Index (CGPI).
According to the report — a collaborative effort between Nigerian Panorama and the Commonwealth Institute of Advanced Professional Studies (CIAPS) — Anambra ranks alongside Lagos and Enugu as the leading states in adopting and implementing e-governance practices that foster accountability, transparency, and improved service delivery.
In his remarks, Professor Anthony Kila, Director of CIAPS, emphasized the importance of e-governance in shaping how governments interact with citizens. “The centrality of e-governance allows us to assess the performance of state governments in the country. How the government treats the digital world says a lot about them,” he said.
The report evaluated states based on a comprehensive set of criteria, including website security, up-to-date content, public engagement, availability of online services, policy updates, and user accessibility. Anambra’s performance reflects the state’s deliberate investment in digital infrastructure and its commitment to leveraging technology as a tool for inclusive governance.
Reacting to the recognition, the Managing Director/CEO of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, CFA, described the report as a welcome validation of the efforts being made under the leadership of Prof. Charles Chukwuma Soludo, CFR, to reposition Anambra as a liveable and prosperous smart mega-city.
“This is not just about being tech-savvy,” Agbata said. “It’s about using digital tools to create real impact — making the government more accessible, responsive, and transparent. Anambra is building a digital future that works for everyone.”
The CGPI Report recommended that all states intensify efforts to train public servants, maintain digital platforms effectively, and build user-friendly systems that keep citizens informed and empowered. For Anambra, this recognition serves both as a milestone and a motivation to scale new heights.
As the journey continues, Anambra remains focused on setting the pace for e-governance in Nigeria in line with the Governor’s mantra of Everything Technology & Technology Everywhere.
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