The Socio-Economic Rights and Accountability Project (SERAP) has given an ultimatum to President Muhammadu Buhari to provide details of all loans obtained by the government since 29 May 2015, including details and locations of projects on which the loans have been spent.
The group in the ultimatum said should President Buhari fail to comply within seven days, it will take all appropriate legal actions under the Freedom of Information Act to force his compliance.
SERAP in a letter to the President also urged him to set up an independent audit of all loans to resolve any allegations of mismanagement and corruption.
In the letter which was also sent to the Justice Minister, Abubakar Malami, Minister of Finance, Budget and National Planning, Zainab Ahmed and Director-General of the Debt Management Office, Ms Patience Oniha, SERAP demanded for the publication of the spending details of loans obtained by successive administrations since 1999, list of countries and bodies that have given the loans, and specific repayment conditions.
Buhari last week sought the National Assembly’s approval for a fresh loan of $5.513bn, reportedly to fund the 2020 budget deficit, critical projects, and support some states.
The National Assembly recently approved a N850 billion loan. Another loan of $22.79bn, already approved by the Senate, is pending before the House of Representatives.
SERAP observed that rather than taking more loans and increasing Nigeria’s debts burden to fund the opulent lifestyles of former state governors receiving life pensions, it urged President Buhari to cut the costs of governance, in addition to obeying the judgment ordering his government to challenge the legality of states’ pension laws, and to recover pensions collected by former governors.
The group also expressed concerns about the massive and growing national debts and the negative impacts on socio-economic development as well as access of Nigerians to public goods and services, including quality education, adequate healthcare, clean water, and regular electricity supply.
SERAP said: “Opacity in the spending of loans would continue to have negative impacts on the fundamental interests of citizens. Transparency would ensure that the loans are not diverted to private pockets, increase public trust that these loans would be used to benefit Nigerians, provide good value for money, and reassure Nigeria’s creditors.”
“Rather than taking more loans and increasing Nigeria’s debts burden to fund the opulent lifestyles of former state governors receiving life pensions, we urge you to cut the costs of governance, including by obeying the judgment ordering your government to challenge the legality of states’ pension laws, and to recover pensions collected by former governors.”