The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to reveal the details of loans obtained by Nigeria's past presidents since May 1999. In a statement issued by SERAP's Deputy Director, Kolawole Oluwadare, the organization urged Tinubu to direct relevant ministries to provide copies of loan agreements and spending details from administrations of former Presidents Olusegun Obasanjo, Umaru Yar'Adua, Goodluck Jonathan, and Muhammadu Buhari.
SERAP is specifically seeking transparency regarding the spending details of the loans and any interest payments made thus far. The organization emphasized the importance of widely publicizing these agreements to allow Nigerians to scrutinize them and demand accountability for how the loans were utilized.
The demand for transparency comes amid concerns about the impact of significant loan acquisitions on Nigeria's development, as millions of Nigerians continue to grapple with poverty and limited access to basic public services. SERAP's call follows similar requests made to state governors and the Federal Capital Territory Minister to disclose loan agreements and spending details of their respective administrations.
In response to reports from the Debt Management Office regarding sub-national debt, some state governments have denied borrowing the amounts indicated. However, SERAP insists on accountability and transparency in the spending of loans obtained by past administrations. The organization urged Tinubu to initiate an independent audit of past loan expenditures and make the findings available to the public.
SERAP emphasized that transparency and accountability are essential components of democracy, and citizens have the right to access information about government activities. The organization warned that legal action would be pursued if the recommended measures are not implemented within seven days. They underscored Tinubu's responsibility to ensure transparency in government spending to combat corruption and mismanagement.
