SERAP Sues Buhari over $25bn Overdrafts Allegedly Taken from CBN

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit in court to compel President Muhammadu Buhari to disclose spending details of the $25 billion overdrafts and loans obtained from the Central Bank of Nigeria (CBN) since May 29, 2015, including the projects on which the overdrafts have been spent, as well as repayments to date.

In the suit number: FHC/ABJ/ CS/559/2021 filed last week at the Federal High Court in Abuja, SERAP is also seeking an order to compel the president to explain and clarify whether the overdraft reportedly obtained from the CBN is within the five-percent limit of the actual revenue of the government for 2020.

In the suit, SERAP is arguing that secrecy and the lack of public scrutiny of the details of the CBN overdrafts and repayments is antithetical to the public interest, and a fundamental breach of constitutional oath of office.

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Ms Adelanke Aremo, read in part: “Transparency and accountability in the spending of CBN overdrafts would also ensure that public funds are properly spent, reduce the level of public debt, and improve the ability of the government to invest in essential public goods and services, such as quality education, healthcare, and clean water.

“The recent overdraft of $25.6billion (about N9.7trillion) reportedly obtained from the CBN would appear to be above the five-percent limit of the actual revenue of the federal government for 2020, that is N3.9trillion, prescribed by Section 38(2) of the CBN Act 2007.