SERAP Urges Tinubu to Disclose Nigeria’s Loan Agreements Since 1999
In a recent plea to President Bola Tinubu, the Socio-Economic Rights and Accountability Project (SERAP) has called for transparency regarding the loan agreements and expenditure particulars of loans secured by Nigeria’s previous administrations since May 1999.
SERAP has urged Tinubu to instruct relevant government bodies to furnish their organization with copies of the loan agreements acquired during the tenures of former Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
This request was articulated in a statement by Kolawole Oluwadare, SERAP’s Deputy Director, which was shared with PUNCH Online on Sunday.
The organization also seeks comprehensive details regarding the utilization of these loans, including expenditure breakdowns and records of interest and other payments made on them.
Nigeria has seen four democratically-elected presidents since 1999, namely Obasanjo (1999 – 2007), followed by the late Yar’Adua (2007 – 2010), then Jonathan (2010 – 2015), and finally Buhari (2015 – 2023).
SERAP emphasizes that making these agreements widely accessible would empower Nigerians to scrutinize them and demand accountability for the utilization of borrowed funds.
The organization lamented that despite substantial loans obtained by successive governments, millions of Nigerians still endure extreme poverty and lack access to essential public services.
This call from SERAP follows its recent ultimatum to Kaduna State Governor Uba Sani, Federal Capital Territory Minister Nyesom Wike, and other 35 state governors to provide loan agreements and expenditure specifics of loans procured by their respective states and the FCT.
Recent reports by the Debt Management Office revealed substantial domestic and external debts for sub-national entities. However, some states, including Zamfara, have denied borrowing the reported amounts.
SERAP insists that an independent audit of the expenditure of loans acquired by previous administrations is imperative. They stress that democracy hinges on transparency and accountability, emphasizing the public’s right to access information regarding government activities.
The organization urges Tinubu’s administration to uphold transparency and accountability in managing federal loans to mitigate the risk of corruption and mismanagement, emphasizing that their requests are in the public interest and in accordance with legal and constitutional provisions.
