SERAP Calls on Tinubu to Reveal Details of Nigeria’s Loan Agreements Since 1999

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to unveil the details and agreements of all loans secured by Nigerian administrations from May 1999 to the present. The request aims to include loan documents from the tenures of former Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.

This request was made public through a statement by SERAP’s Deputy Director, Kolawole Oluwadare, and shared with the press on Sunday. The accountability group has also demanded disclosure of how these loans were spent, including interest and repayments made to date.

SERAP’s call for transparency follows a recent probe into state and local government borrowings, which, according to the Debt Management Office’s report, revealed significant debts accrued across various states and the Federal Capital Territory. For instance, as of mid-2023, substantial loans were reported for Plateau, Rivers, Zamfara, and the FCT, although discrepancies in these reports have led to refutations from several state governments, including Zamfara and Kaduna. In its statement, SERAP emphasized that publicizing these loan agreements would enhance accountability and allow Nigerians to assess and address the expenditures of their government. The organization argued that despite the substantial financial inflows from these debts, poverty and lack of public services continue to afflict millions of Nigerians.

Furthermore, SERAP has urged President Tinubu to authorize an independent audit of the spending associated with these loans and to make the findings public. Such measures, they suggest, would affirm Tinubu’s commitment to government transparency and accountability as declared in his administration’s policies. the organization has stressed that their demands align with the Nigerian Constitution, the Freedom of Information Act, and international agreements on anti-corruption and human rights, all of which uphold the principle that citizens deserve access to information about their government’s actions.

SERAP has given a seven-day ultimatum for the administration to respond to these requests, after which they intend to pursue legal avenues to ensure compliance, underscoring the urgency of their appeal for transparency in governmental financial practices.

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