SERAP drags Tinubu to court over Failure to account for loans by ex-presidents
The Socio-Economic Rights and Accountability Project (SERAP) has sued the government of President Bola Tinubu over the failure to publish details of the spending of the loans obtained by the governments of former presidents since the return to democracy in 1999.
The defendants in the lawsuit include, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and the Debt Management Office (DMO).
In the suit with number FHC/L/CS/353/2024 filed last Friday at the Federal High Court, Lagos, SERAP is urging the court to “direct and compel the Tinubu government to publish the loan agreements obtained by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.”
The organisation is also asking the court to compel the government to include the interests and other payments so far made on the loans.
According to suit filed on behalf of SERAP, publishing the spending details of loans obtained by former presidents will help to explain why, despite several billions of dollars in loans obtained by successive governments, millions of Nigerians continue to wallow in poverty and lack access to basic public goods and services.
The suit filed by its lawyers Kolawole Oluwadare and Andrew Nwankwo, read in part: “Publishing the loan agreements would improve public accountability in ministries, departments and agencies (MDAs).”
“Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information.”
“Publishing the agreements and spending details would allow the public to see how and on what these governments spent the loans and foster transparency and accountability.”
“Publishing the loan agreements signed by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari, and widely publishing the agreements would allow Nigerians to scrutinise it and to demand accountability for the spending of the loans.”
“According to Nigeria’s Debt Management Office, the total public domestic debt portfolio for the country’s is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion).”
“Nigeria paid $6.2 billion in 2019 as interest on loans while the country paid $6.5 as interest in 2018. Nigeria also paid $5 billion as interest on loans in 2017 while the country paid $4.4 billion as interest in 2016. For 2015, the interest paid on loans was $5.5 billion.”
“Substantial parts of the loans obtained by successive governments since the return of democracy in 1999 may have been mismanaged, diverted or stolen, and in any case remain unaccounted for.”
“Persons with public responsibilities ought to be answerable to the people for the performance of their duties including the management of the loans obtained between May 1999 and May 2023.”
