SERAP Urges Tinubu to Disclose Loan Agreements of Past Presidents

Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to release the loan agreements and spending details of loans obtained by the governments of former Nigerian presidents, including Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.

SERAP’s request aims to promote transparency and accountability in Nigeria’s government spending.

In an official letter dated April 13, 2024, SERAP emphasized the importance of publishing these agreements and spending details to prevent waste, corruption, mismanagement, and abuse of public funds.

The organization believes that the Nigerian public has a right to know how their government is using these funds and that such transparency is essential for democratic governance.

SERAP’s request also highlights the country’s growing public debt, which is currently at N97.3 trillion ($108 billion), with the Federal Government’s debt at N87.3 trillion ($97 billion).

The organization expressed concern over the significant interest payments made on these loans, which amounted to $6.2 billion in 2019 and $6.5 billion in 2018.

SERAP is worried that much of the borrowed money may have been mismanaged, diverted, or stolen, and that there is a lack of accountability for these funds.

The Freedom of Information Act, the Nigerian Constitution, and various international human rights and anti-corruption obligations support SERAP’s call for transparency and accountability in government spending.

The organization argues that the Nigerian public has a right to access information about their government’s activities and that this information should be widely published to enable citizens to scrutinize government actions and demand accountability.

SERAP has given President Tinubu a seven-day deadline to comply with their request, after which they may take legal action to compel the government to disclose the requested information.

The organization hopes that the disclosure of these loan agreements and spending details will lead to greater transparency and accountability in Nigeria’s government and improve public trust in the country’s political institutions.