The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) has begun investigating a $3.4 billion loan that was allegedly granted to Nigeria by the International Monetary Fund (IMF).
ALSO READ: CBN revoking 4,173 BDC operator’s licenses is good for Naira – CPPE
The loan was meant to be utilized for financing the budget and managing the COVID-19 pandemic.
The ICPC has questioned two officials from the Central Bank of Nigeria (CBN) and one official from the Office of the Accountant-General of the Federation (OAGF) in connection with the investigation.
The Socio-Economic Rights and Accountability Project (SERAP) had previously filed a lawsuit against President Bola Tinubu, accusing him of failing to probe the whereabouts of the loan, which they claim is either missing, diverted, or unaccounted for.
The lawsuit was filed in accordance with Section 16(1) and (2) of the 1999 Constitution.
The ICPC has retrieved crucial documents pertaining to the loan, and has initiated an investigation into the matter in response to calls for investigation from various civil society organizations.
According to an anonymous source quoted by The Nation, the probe of the loan is already in progress.
“ICPC has launched a comprehensive investigation into the $3.4 billion loan.
“The commission began the probe after it had reviewed the report of the Auditor-General of the Federation.
“Our investigators are trying to establish if the cash was missing, diverted, or unaccounted for.
“The documents relating to the loan were retrieved from the CBN, the OAGF, and the Ministry of Finance.
“Some CBN and OAGF officials were interviewed, and the officials of the Ministry of Finance will be interviewed in the coming (this) week.
“Investigation is ongoing into the various approval and utilisation of the funds by the beneficiaries,” he said.
 has begun investigating a $3.4 billion loan that was allegedly granted to){kind=link}