“SERAP Urges Tinubu to Disclose Past Presidents’ Loan Agreements”


“Socio-Economic Rights Group Calls on President Tinubu to Disclose Loan Agreements and Spending Details of Former Presidents’ Governments”

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The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct relevant ministries, departments, and agencies (MDAs) to disclose loan agreements entered into by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari. Additionally, SERAP seeks the spending particulars of these loans, including interest and other payments made thus far.

In a Freedom of Information (FoI) request dated April 13, 2024, and signed by SERAP’s deputy director, Kolawole Oluwadare, the organization emphasized the importance of transparency in public fund usage to prevent waste, corruption, and mismanagement.

The request from SERAP underscores citizens’ right to information about government activities, with a view to promoting accountability and democracy. It specifically calls for publishing loan agreements to allow scrutiny of how these funds were utilized, especially given Nigeria’s significant public debt and challenges with poverty alleviation.

SERAP’s FoI request urges the establishment of an independent audit on loan spending by past governments and demands public disclosure of the audit findings. The organization warns of legal action if the requested information is not provided within seven days.

Highlighting the extensive public debt and interest payments made in recent years, SERAP expresses concern over potential mismanagement or diversion of loan proceeds, stressing the need for accountability and transparency in government expenditures.

The organization’s demands align with constitutional provisions and international agreements that emphasize citizens’ right to information and government accountability. They emphasize that transparency in loan agreements and spending details is essential for effective governance and public trust.

President Tinubu’s response to this request will be crucial in demonstrating a commitment to openness in government and fostering transparency in public financial management.

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