**Lagos, June 9, 2024** – The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the administration of President Bola Tinubu. SERAP aims to enforce transparency in the use of public funds by demanding detailed reports on loans acquired by previous Nigerian administrations.
Last Friday, SERAP filed a lawsuit at the Federal High Court in Lagos. The suit calls on the current government to publish comprehensive details of loans obtained by former Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari. The organization is pushing for the disclosure of how these loans, which total billions of dollars, were spent.
SERAP’s primary targets in this suit are the Minister of Finance, Wale Edun, and the Debt Management Office. The organization insists that making these details public is crucial for ensuring accountability and enabling Nigerians to evaluate the government’s performance. According to SERAP, transparency in financial matters is essential for democratic governance, especially in a country where extreme poverty and poor public services persist despite significant borrowing.
In a statement signed by Deputy Director Kolawole Oluwadare, SERAP emphasized that the outcome of this case could significantly enhance financial transparency in Nigeria. The statement, titled “SERAP sues Tinubu govt over failure to account for loans by ex-presidents,” argues that the public has a right to know how public funds are spent. It also highlights that transparency in loan agreements and expenditures is crucial for evaluating government performance.
SERAP’s lawsuit, identified as suit number FHC/L/CS/353/2024, asks the court to compel the Tinubu administration to release the loan agreements and spending details of the past administrations. The organization is particularly interested in the interests and other payments made on these loans.
SERAP argues that hiding the details of public spending goes against democratic principles. They claim that democracy requires accountability, and accountability requires transparency. The organization believes that making loan agreements and spending details public will allow Nigerians to judge whether their government is working for them.
Furthermore, SERAP pointed out that despite several billions of dollars in loans, millions of Nigerians continue to suffer from extreme poverty and lack of basic public services. They argue that knowing how these loans were spent might explain this persistent poverty and service inadequacy.
In their legal argument, SERAP states that the Nigerian Constitution, the Freedom of Information Act, and various international human rights charters guarantee the right to information. They assert that the government has a duty to make this information available to the public. This transparency is seen as a crucial step in curbing corruption and financial mismanagement.
The organization notes that Nigeria’s Debt Management Office reported a total public domestic debt portfolio of N97.3 trillion ($108 billion). The Federal Government’s debt alone stands at N87.3 trillion ($97 billion). SERAP highlighted that significant amounts have been paid as interest on these loans over the years, yet much of this borrowed money remains unaccounted for.
SERAP believes that publishing these loan agreements would improve public accountability in government ministries, departments, and agencies. They argue that Nigerians have a right to know what their government is doing in their name, which is part of their right to information. This transparency would enable the public to scrutinize how and on what these governments spent the borrowed money, fostering greater accountability.
While the hearing date for the lawsuit is yet to be set, SERAP’s legal action represents a significant push for greater financial transparency in Nigeria’s government. The organization hopes that this case will set a precedent for how public funds should be managed and reported, ultimately benefiting the Nigerian populace.
