SERAP Sues Tinubu Over Failure To Account For Loans Obtained By Former Presidents

The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against President Bola Ahmed Tinubu’s government for failing to disclose the expenditure information regarding loans acquired by previous presidents.

This includes former President Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.

The lawsuit was filed against Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, and the Debt Management Office (DMO).

In the recently filed suit, FHC/L/CS/353/2024, at the Federal High Court in Lagos, SERAP is urging the court to instruct and compel the Tinubu administration to publish the loan agreements obtained by the aforementioned former presidents.

Additionally, SERAP requests the court to direct and compel the Tinubu government to disclose the specific details of the expenditure related to these loans, including any interest payments or other financial transactions made thus far.

In the suit, SERAP argues, “No one should be able to pull curtains of secrecy around decisions on the spending of public funds that can be revealed without injury to the public interest. Democracy requires accountability, and accountability requires transparency.

SERAP also argues, “The Tinubu government should allow citizens to have access to the agreements and spending details to judge whether their government is working for them or not.”

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The rights organization added: “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 essential public goods and services.

“Nigerians’ right to a democratic governance allows them to influence the direction of government appreciably and have an opportunity to assess progress and assign blame.”

SERAP also argues, “Government accountability to the general public is a hallmark of democratic governance, which Nigeria seeks to achieve.”

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Andrew Nwankwo, reads in part: “Publishing the loan agreements would improve public accountability in ministries, departments, and agencies (MDAs).

“Nigerians are entitled to information about what their government is doing in their name. 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 foster transparency and accountability.

“Publishing 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 scrutinize it and to demand accountability for the spending of the loans.

“According to Nigeria’s Debt Management Office, the country’s total public domestic debt portfolio is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion).

“Nigeria paid $6.2 billion in 2019 as interest on loans while the country paid $6.5 as interest in 2018. Nigeria also paid $5 billion in interest on loans in 2017, while the government spent $4.4 billion in interest in 2016. For 2015, the interest paid on loans was $5.5 billion.

“Substantial parts of the loans obtained by successive governments since the return of democracy in 1999 may have been mismanaged, diverted or stolen, and in any case remain unaccounted for.

“Persons with public responsibilities ought to be answerable to the people for their duties, including managing the loans obtained between May 1999 and May 2023.

“The Tinubu government is responsible for ensuring transparency and accountability in how loans obtained by the Federal Government are spent to reduce vulnerability to corruption and mismanagement.

“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and Article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information, including to copies of the loan agreements obtained by successive governments since 1999.

“By the combined reading of the provisions of the Constitution of Nigeria, the Freedom of Information Act 2011, the International Covenant on Civil and Political Rights, and the African Charter on Human and Peoples’ Rights, there are transparency obligations imposed on the Tinubu government to widely publish the agreements and details of the projects on which the loans were spent.

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their government’s activities.”

However, a date is yet to be fixed for the hearing of the suit.