SERAP sues Buhari over N11 trillion fraud
Socio economic rights and accountability project SERAP disclosed on their official twitter page stating that they have taken a legal action against the president of the federal republic of Nigeria president Muhammadu Buhari. They stated clearly saying the president has failed to probe, trace and recover the missing 11 trillion naira meant for electricity fund.
This funds signed into action since 1999 is claimed to have been diverted by individuals for private consumption at the expense of the county’s development.
Word Bank has recently claimed that unstable power supply in Nigeria cause businesses over $29 billion every year. This could however be true since it is recorded that within the past five months, electricity grid has collapsed for at least three times, and a total number of 130 times within the past 7 years.
The stance of SERAP has been clear enough. They are of the stance that justice and accountability is only a fair judgement for the masses as repercussions for the mismanagement of electricity has in turn made the government fail to solve the country’s power problem lingering for decades.
Also, amounts of funds meant for the public that have been stolen in the electric sector over the years according to SERAP has had severe negative effects on the lives of millions of Nigerians and then the general economy of the nation at large.
Reports have stated clearly that monetary losses to Nigeria via corruption of the electric sector has been estimated to be around atleast 11 trillion Naira within the period of 1999 to date. This however, includes public funds, private equity and social investments in the sector of electricity.
This loss is now estimated to rally up to 20 million naira within the next decade considering the rate of government funding to the sector amidst unstable revenue.
It is now expected by SERAP, of the court to issue an order compelling the president to ensure the prosecution of any one suspected to play a part in the missing of the funds and also go the extra mile in seeking for recovery of these funds meant for public development.
The federal government for now, has remained silent on the issue and no reaction from them yet.
And also, as of the time of making this report, No date has been fixed by the judiciary for hearing this suit. We will however keep you updated as events unfold.
SERAP sues Buhari over N11 trillion fraud
