Socio-Economic Rights and Accountability Project (SERAP) has sued the Federal Government at the Federal High Court, Lagos, over failure to publish details of the loans obtained by the governments of former Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.
The suit was also filed against the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Debt Management Office (DMO). In the suit number FHC/L/CS/353/2024 filed at the weekend, SERAP is asking the court to compel the Bola Tinubu government to publish the loan agreements obtained by the governments of Obasanjo, Yar’Adua, Jonathan and Buhari.
The body is also asking the court to direct the FG to publish the spending details of the loans, including the interests and other payments so far made on the loans.
SERAP argues that no one should be able to pull curtains of secrecy over decisions on the spending of public funds, which can be revealed without injury to the public interest, as democracy requires accountability, and accountability requires transparency.
In the suit filed by its lawyers, Kolawole Oluwadare and Andrew Nwankwo, SERAP noted that publishing the loan agreements would improve accountability in Ministries, Departments and Agencies (MDAs).
“Nigerians are entitled to information about what their government is doing on their behalf. This is part of their right to information. Publishing the agreements and spending details would allow the public to see how and on what these governments spent the loans, and this will foster transparency and accountability.
“Publishing the loan agreements signed by the governments of Obasanjo, Yar’Adua, Goodluck Jonathan and Buhari would allow Nigerians to scrutinise it and to demand accountability for the spending of the loans,” SERAP said.
According to DMO, the total public domestic debt portfolio for the country is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion). No date has been fixed for the hearing of the suit.
