The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to release copies of loan agreements obtained by the governments of former Presidents Olusegun Obasanjo, the late Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
In a Freedom of Information Act request dated April 13, 2024, SERAP urged President Tinubu to disclose the spending details of these loans, including interests and other payments made so far.
The group also called for an independent audit on the spending of these loans and the public release of the audit findings.
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According to SERAP, despite billions of dollars in loans obtained by successive governments, millions of Nigerians continue to face extreme poverty and lack access to basic public goods and services.
The group expressed concerns over the mismanagement, diversion, or theft of substantial parts of the loans obtained since 1999.
The Debt Management Office indicates that Nigeria’s total public domestic debt portfolio is N97.3tn ($108bn), with the Federal Government’s debt standing at N87.3tn ($97bn).
The country paid significant amounts in interest on loans in recent years, with $6.2bn in 2019, $6.5bn in 2018, $5bn in 2017, $4.4bn in 2016, and $5.5bn in 2015.
SERAP emphasized the need for transparency and accountability in the management of loans obtained by the Federal Government to reduce vulnerability to corruption and mismanagement.
The group requested that copies of the loan agreements be made public to allow Nigerians to scrutinize and demand accountability for the spending of these loans.
SERAP has given President Tinubu seven days to respond to its request, warning of legal action if the government fails to comply with its demands in the public interest.
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