The Socio-Economic Rights and Accountability Project (SERAP) has encouraged President Bola Tinubu to divulge loan agreements secured by previous administrations since 1999.
Tinubu has been urged “to direct appropriate ministries, departments and agencies (MDAs) to provide our organization with copies of the loan agreements obtained by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.”
This was revealed in a statement released by SERAP’s Deputy Director, Kolawole Oluwadare, and made available to Channels Television on Sunday.
SERAP has also asked for “the spending details of any such loans as well as the interests and other payments so far made on the loans.”
In a Freedom of Information request dated April 13, 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organization stated: “Publishing copies of the agreements would prevent and combat waste, corruption, mismanagement, and abuse in the spending of public funds.”
SERAP stated, “No one should be permitted to draw curtains of secrecy around choices on the expenditure of public monies that can be divulged without jeopardizing the public interest. Democracy demands accountability, and accountability necessitates transparency.”
According to SERAP, “Nigerians are entitled to know what their government is doing in their name.” This is an exercise of their right to information.”
Nigeria strives for democratic governance, which includes government responsibility to the general public.
“Your government should make it possible for citizens to have access to the agreements and spending details to judge whether their government is working for them or not.”
“Publishing the agreements would illustrate your frequently stated commitment to government transparency and accountability. It would also enhance public accountability within ministries, departments, and agencies (MDAs).
“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.”
SERAP also urges him “to establish an independent audit on the spending of the loans obtained by the governments of the former presidents, and to make public the findings of any such audit.”
The information may help to explain why, despite several 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.”
“Providing us with copies of 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.
“We would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.
Our requests are made in the public interest and in accordance with the requirements of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, the UN Convention Against Corruption, the International Covenant on Civil and Political Rights, and the African Charter on Human and Peoples’ Rights, to which Nigeria is a state party.”
According to the Debt Management Office of Nigeria, the country’s total public domestic debt portfolio is N97.3 trillion ($108 billion). The federal government’s debt is N87.3 trillion ($97 billion).
Our requests are made in the public interest and in accordance with the requirements of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, the UN Convention Against Corruption, the International Covenant on Civil and Political Rights, and the African Charter on Human and Peoples’ Rights, to which Nigeria is a state party.”
According to the Debt Management Office of Nigeria, the country’s total public domestic debt portfolio is N97.3 trillion ($108 billion). The federal government’s debt is N87.3 trillion ($97 billion).
SERAP is deeply worried that significant portions of the loans secured by successive governments since the return of democracy in 1999 may have been mismanaged, diverted, or stolen, and that they remain unaccounted for.”
“Publishing copies of the agreements would also ensure that persons with public responsibilities are answerable to the people for the performance of their duties including the management of the loans obtained between May 1999 and May 2023.”
“Your government has a responsibility to ensure transparency and accountability in how any loans obtained by the Federal Government are spent, to reduce vulnerability to corruption and mismanagement.”
The Freedom of Information Act, Section 39 of the Nigerian Constitution, Article 9 of the African Charter on Human and Peoples’ Rights, and Article 19 of the International Covenant on Civil and Political Rights protect everyone’s right to information, including copies of loan agreements obtained by successive governments since 1999.”
“According to a combined reading of the provisions of Nigeria’s Constitution, the Freedom of Information Act of 2011, the International Covenant on Civil and Political Rights, and the African Charter on Human and Peoples’ Rights, your government is required to widely publish the agreements and details of the projects on which the loans were spent.
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The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their government’s activities.