SERAP has called upon Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Abuja, Mr. Nyesom Wike, to publicly disclose the loan agreements and expenditure particulars regarding approximately N5.9 trillion and $4.6 billion loans secured by their respective states and the FCT.
This appeal comes in the wake of Governor Uba Sani of Kaduna State’s recent revelation regarding the financial state left by the previous administration, including $587m in debt, N85bn debt, and 115 contractual obligations, which have hindered the state’s ability to meet salary obligations.
In letters dated March 30, 2024, and signed by SERAP’s deputy director Kolawole Oluwadare, the organization emphasized the public’s right to be informed about the utilization of both domestic and foreign loans procured by state authorities.
SERAP stressed that transparency in this regard is crucial for ensuring accountability, curbing corruption, and fostering trust in democratic institutions.
Furthermore, SERAP underscored its concerns about the alleged mismanagement of public funds, including loans acquired from bilateral and multilateral institutions, by several states and the FCT.
The organization highlighted the importance of transparency in expenditure to enhance accountability and prevent the misuse of public resources for personal gain.
SERAP emphasized that the timely publication of loan agreements and expenditure details would empower Nigerians to scrutinize government spending effectively, thereby promoting transparency and accountability in public finance management.
The organization reiterated that citizens’ right to access information is essential for upholding democratic principles and ensuring that government actions are subject to public scrutiny.
Additionally, SERAP reminded state authorities of their obligations under international anticorruption and human rights laws to promote transparency, prevent mismanagement of public funds, and address any abuses of public trust.
The organization urged state governments to fulfill these obligations by providing comprehensive information on loan agreements and expenditure, as required by relevant legal frameworks.
In conclusion, SERAP reiterated its commitment to using all available legal means to compel state authorities to comply with its requests within seven days.
The organization emphasized that transparency in the management of public funds, including loans, is crucial for addressing poverty, underdevelopment, and the lack of access to essential services experienced by many Nigerians.
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