SERAP Demands Nigeria’s Loan Agreements Under Obasanjo, Yar’Adua, Others

A civil society group, the SocioEconomic Rights and Accountability Project (SERAP) yesterday urged President Bola Tinubu to mandate relevant Ministries, Departments and Agencies (MDAs) to provide it with copies of the loan agreements obtained by the previous governments of former presidents.

It listed the former presidents as Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.

The group is also seeking the spending details of any such loans as well as the interests and other payments so far made on the loans.

SERAP urged Tinubu to establish an independent audit on the spending of the loans obtained by the governments of the former presidents, and to make public the findings of any such audit. SERAP said that its demand was in line with Freedom of Information (FoI) act.

In a request dated April 13, 2024 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said publishing copies of the agreements would prevent and combat waste, corruption, mismanagement, and abuse in the spending of public funds.

“No one should be able to pull curtains of secrecy around decisions on the spending of public funds which can be revealed without injury to the public interest. Democracy requires accountability and accountability requires transparency.”

“Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information.

“Your government should make it possible for citizens to have access to the agreements and spending details to judge whether their government is working for them or not,” the group stated.

It said that publishing the agreements would demonstrate the government’s oft-expressed commitment to openness in government and to promote accountability.

" It would also improve public accountability in ministries, departments and agencies (MDAs). Publishing the agreements and spending details would allow the public to see how and on what these governments spent the loans and foster transparency and accountability.

“The information may help to explain why, despite several billions of dollars in loans obtained by successive governments, millions of Nigerians continue to face extreme poverty and lack access to basic public goods and services.

“Providing us with copies of the loan agreements signed by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari, and widely publishing the agreements would allow Nigerians to scrutinise it and to demand accountability for the spending of the loans.