The Socio-Economic Rights and Accountability Project (SERAP) has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory (FCT), Abuja, Mr Nyesom Wike, to publicly release copies of loan agreements and expenditure details regarding approximately N5.9 trillion and $4.6 billion (approx 5,997,604,000) loans acquired by their states and the FCT.
This includes providing specifics on the projects undertaken with these loans. SERAP has also requested the immediate involvement of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to investigate the utilisation of both domestic and external loans secured by the respective states and the FCT.
These calls from SERAP follow Governor Uba Sani of Kaduna State’s recent revelation that the previous administration of Nasir El-Rufai left behind significant debt burdens, including $587 million, N85 billion in debt, and 115 contractual liabilities, leading to difficulties in meeting salary payments.
In Freedom of Information (FoI) requests dated March 30, 2024, signed by SERAP Deputy Director Kolawole Oluwadare, the organisation reiterated the public’s right to be informed about the utilisation of loans acquired by state governments.
SERAP stressed that transparency in loan spending is crucial for enhancing accountability, curbing corruption, and fostering public trust in democratic institutions. The organisation highlighted the need for timely action within seven days of receipt or publication of their letter.
Failure to comply, they warned, would result in legal action to enforce the request in the public interest.
SERAP expressed serious concerns regarding the alleged mismanagement of public funds, including loans obtained by various states and the FCT. They emphasised the importance of openness in expenditure relating to loans to prevent misuse or diversion of funds, which could contribute to poverty, underdevelopment, and the denial of essential public services.
Also, SERAP emphasised the obligations of state governments under international anti-corruption and human rights laws to promote transparency, prevent mismanagement of public funds, and address abuses of public trust.
SERAP emphasised the imperative of transparency in loan utilisation, stressing its role in ensuring that loans are not misappropriated for private gain and in fostering public confidence in government initiatives.
They reiterated the right of citizens to access information under various legal provisions, including the Nigerian Constitution and international treaties.
Read the full press release here:
https://serap-nigeria.org/2024/03/31/serap-gives-sani-wike-others-7-days-to-publish-loan-agreements-account-for-n5-9trn-4-6bn-loans/: SERAP Calls for Accountability on N12 Trillion Loans