Human rights lawyer wey be Senior Advocate of Nigeria (SAN), Femi Falana, don call on EFCC and ICPC make dem investigate how dem allegedly divert the $3.4 billion loan wey Nigeria collect from IMF to take fight COVID-19 wahala.
Falana yarn this one inside statement wey he sign on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB) on Sunday.
He also call on the IMF board make dem probe how the management of IMF take refuse to make sure say the emergency money really serve the purpose wey dem collect am for.
Falana still beg IMF make dem pause all charges—like net charges, basic interest, and administrative fees—wey reach SDR 125.99 million (about ₦275.28 billion) until dem finish proper investigation.
Last week, IMF confirm say Nigeria don fully pay back the $3.4 billion COVID-19 support wey dem collect under the Rapid Financing Instrument (RFI). Even though the main loan balance don clear, Nigeria still get to pay some charges wey remain.
Falana talk say, “For April 2020, when COVID-19 start shake everywhere, Nigeria beg IMF for $3.4 billion to support the economy and help businesses and health sector survive the global crisis.”
The loan suppose help cushion the effects of COVID-19 and low oil prices, and even protect Nigeria foreign reserves.
But Falana say IMF and Nigerian government no do proper follow-up to make sure the money really enter where e suppose go. Instead, dem just allow the funds fly without proper record.
One audit report from the Auditor-General of the Federation wey dem release for January 2024 show say:
- On April 30, 2020, $2.4 billion enter CBN account for Federal Reserve Bank of New York. The remaining part go CBN account for Bank of China, Shanghai.
- By June 1, dem move the $2.4 billion again go Bank for International Settlements (BIS) for short-term investment. The one wey dey China go another bank—Industrial and Commercial Bank of China (ICBC).
- All these movements no get approval or document from Federal Government or CBN Investment Committee.
- Later, CBN reclassify the funds as external reserves, instead of federal government money. Dem even earn interest on top am, which no be the original emergency plan.
Again, for August 7, 2020, Federal Ministry of Finance ask make dem convert $700 million to naira to support federal budget. One week later, CBN approved debit of ₦265.65 billion—using exchange rate of ₦379.5/$, wey high pass official rate of ₦360.5/$ that time.
Dem share the money go three accounts:
- ₦252 billion go COVID-19 Public Sector Account,
- ₦13.3 billion go Forex Equalisation Account,
- ₦350 million go Exchange Commission Account.
The audit talk say dem still collect 2% commission from that money—even though the money belong to Federal Government.
At the end of 2020, $2.7 billion (about ₦1.02 trillion) still no show proper account.
The report say CBN Governor need explain how dem move and classify the money without approval. Dem also ask for bank statements and make dem return all the money and interest wey dem earn.
Falana come talk say the Auditor-General want all these money make dem return am to government purse and give evidence to National Assembly.
He also say any person wey dem suspect must face EFCC or ICPC for possible prosecution, as e dey inside Financial Regulations law.
But up till now, National Assembly never touch the report—Falana accuse dem say na cover-up dem dey do, and dem dey violate section 85(5) of Nigerian Constitution.
Finally, ASCAB beg EFCC and ICPC make dem act sharp-sharp on top this matter. Dem also beg IMF to hold off charges until investigation complete.
