The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to disclose the agreements and spending details of loans obtained by Nigeria’s previous administrations since May 1999.
In a statement by SERAP’s Deputy Director, Kolawole Oluwadare, the organization requested copies of loan agreements obtained by former Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari, as well as the spending details and payments made on the loans.
SERAP emphasized that publishing the loan agreements would enable Nigerians to scrutinize and demand accountability for the funds’ utilization.
The organization also expressed concern that despite the vast sums borrowed by successive governments, millions of Nigerians still face extreme poverty and inadequate access to basic public goods and services.
This request from SERAP follows its previous demand for loan agreements and spending details from state governors, including the Kaduna State Governor, Uba Sani, and the Federal Capital Territory Minister, Nyesom Wike.
In response to the earlier request, the Zamfara State Government denied borrowing the reported amount, and the Kaduna State Government refuted procuring a fresh $17.69 million loan.
However, SERAP demanded that Tinubu establish an “independent audit on the spending of the loans obtained by the governments of the former presidents,” and make its results available to the public.
“Democracy requires accountability and accountability requires transparency.
“Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information,” SERAP said.
The statement noted that publishing the agreements and details of spending of the said loans “would demonstrate” Tinubu’s “oft-expressed commitment to openness in government and to promote accountability,” adding that it would also “improve public accountability” in the MDAs.
Quoting the DMO, SERAP said that “the total public domestic debt portfolio for the country is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion).”
It said that the interest paid on loans by the FG in 2015 was $5.5 billion; in 2016, $4.4bn; in 2017, Nigeria paid $5bn as interest; in 2018, $6.5bn was paid; while $6.2bn was paid in 2019.
“We would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest,” the organisation said.
It noted that Tinubu’s administration “has a responsibility to ensure transparency and accountability in how any loans obtained by the Federal Government are spent, to reduce vulnerability to corruption and mismanagement.”
“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, and the UN Convention against Corruption, the International Covenant on Civil and Political Rights and the African Charter on Human and Peoples’ Rights to Nigeria is a state party.
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their government’s activities,” the statement concluded.
