The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu’s administration for not disclosing details about loans obtained by previous administrations.
SERAP is challenging the government for failing to publish how loans taken by former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari were spent.
The lawsuit, filed against the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Debt Management Office (DMO), was submitted last Friday at the Federal High Court in Lagos under case number FHC/L/CS/353/2024.
SERAP is asking the court to compel the Tinubu administration to release the loan agreements and spending details, including interest payments and other related expenditures.
SERAP argues that transparency in public spending is essential for democracy, stating, “No one should be able to pull curtains of secrecy around decisions on the spending of public funds which can be revealed without injury to the public interest. Democracy requires accountability, and accountability requires transparency.”
The organization believes that publishing these details will allow citizens to evaluate the government’s performance and demand accountability.
SERAP points out that despite billions of dollars in loans, many Nigerians still face extreme poverty and lack basic public services.
The organization claims that access to this information is crucial for citizens to influence government direction and assess its progress.
The lawsuit, filed by SERAP’s lawyers Kolawole Oluwadare and Andrew Nwankwo, emphasizes the need for public accountability within ministries, departments, and agencies (MDAs).
They argue that Nigerians have the right to know how their government is functioning, particularly in terms of financial agreements.
Publishing these loan agreements, SERAP argues, will enable Nigerians to scrutinize and hold the government accountable for the spending of these funds.
According to Nigeria’s Debt Management Office, the country’s total public domestic debt is N97.3 trillion ($108 billion), with the Federal Government owing N87.3 trillion ($97 billion).
Nigeria paid substantial interest on these loans between 2015 and 2019, ranging from $4.4 billion to $6.5 billion annually.
SERAP suggests that significant portions of these loans may have been mismanaged, diverted, or stolen.
They stress that government officials must be accountable for their management of loans obtained since Nigeria’s return to democracy in 1999.
The organization concludes that the Tinubu administration must ensure transparency and accountability in government spending to prevent corruption and mismanagement.
They highlight that the Freedom of Information Act, the Nigerian Constitution, the African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights all guarantee the right to information, including details of government loans.
