Just In : SERAP Gives Wike, Kaduna Governor Sani, 35 Other Govs 7 Days To Publish Loan Agreements, Account For N5.9Trillion, $4.6Billion Loans
The organisation asked the governors and the FCT minister to “widely publish copies of the loan agreements and spending details of some N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, including details and locations of projects executed with the loans.”
The Socio-Economic Rights and Accountability Project (SERAP) has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike to disclose details about loan agreements and how they were spent.
The organisation asked the governors and the FCT minister to “widely publish copies of the loan agreements and spending details of some N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, including details and locations of projects executed with the loans.”
SERAP also urged them to “promptly invite the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to investigate the spending of the domestic and external loans obtained by your state and the FCT.”
SERAP’s request followed the recent disclosure by Governor Uba Sani of Kaduna State that the immediate past administration of Nasir El-Rufai left $587m, N85bn debt and 115 contractual liabilities, making it impossible for the state to pay salaries.
In the Freedom of Information requests dated March 30, 2024, and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “It is in the public interest to publish copies of the loan agreements and details of how the loans obtained are spent.
“Nigerians have the right to know how their states are spending the domestic and external loans obtained by the governors.”
SERAP said, “Widely publishing copies of the loan agreements and spending details of the loans obtained would ensure that persons with public responsibilities are answerable to the people for the performance of their duties in the management of public funds.”
The FoI requests, read in part: “We would 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 you and your state to comply with our request in the public interest.
“SERAP is seriously concerned that many of the country’s 36 states and FCT are allegedly mismanaging public funds which may include domestic and external loans obtained from bilateral and multilateral institutions and agencies.”
It noted that Nigeria’s Debt Management Office said “the total public domestic debt portfolio for the country’s 36 states and the Federal Capital Territory is N5.9 trillion. The total public external debt portfolio is $4.6 billion.”
It said, “Many states and the FCT reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in your state and the FCT continue to be denied access to basic public goods and services such as quality education and healthcare.
“Several states including your state are also reportedly spending public funds which may include the domestic and external loans to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.”
