The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against President Bola Tinubu’s administration to promote financial transparency. SERAP is demanding the publication of detailed spending reports and agreements related to loans acquired by the administrations of former Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
The lawsuit, filed last Friday at the Federal High Court in Lagos, aims to compel the Minister of Finance, Wale Edun, and the Debt Management Office to disclose the utilization of loans totaling billions of dollars. SERAP argues that the public has a right to know how public funds are spent, which is essential for democratic governance and accountability.
SERAP contends that transparency in loan agreements and expenditures is critical for Nigerians to evaluate their government’s performance, especially given the ongoing issues of extreme poverty and inadequate public services despite substantial borrowing.
In a statement signed by its Deputy Director, Kolawole Oluwadare, SERAP emphasized that the outcome of the case could significantly impact transparency and accountability in Nigeria’s financial management. The statement, titled “SERAP sues Tinubu govt over failure to account for loans by ex-presidents,” outlines SERAP’s demands for the court to direct and compel the Tinubu government to publish loan agreements and spending details, including interests and other payments.
SERAP argues that no one should hide decisions on the spending of public funds, as democracy requires accountability and transparency. The organization insists that citizens should have access to this information to judge their government’s performance.
The statement highlights the paradox of continued extreme poverty and lack of basic public services despite successive governments acquiring billions of dollars in loans. It asserts that Nigerians have the right to influence government direction and assess its progress, which is a cornerstone of democratic governance.
The lawsuit, filed by SERAP’s lawyers Kolawole Oluwadare and Andrew Nwankwo, states that publishing loan agreements would improve public accountability in government ministries, departments, and agencies (MDAs). The public deserves to know how their government is using their name, reinforcing their right to information.
The publication of loan agreements and spending details would allow the public to scrutinize government actions, fostering greater transparency and accountability. According to Nigeria’s Debt Management Office, the total public domestic debt portfolio is N97.3 trillion ($108 billion), with the Federal Government’s debt at N87.3 trillion ($97 billion). Nigeria has paid significant amounts in loan interest over recent years, underscoring the need for transparency.
SERAP argues that loans obtained since the return of democracy in 1999 may have been mismanaged or unaccounted for, and public officials must be answerable for their management. The action is seen as essential to curbing corruption and financial 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 all guarantee the right to information. These provisions impose transparency obligations on the Tinubu government to publish loan agreements and project details.
SERAP emphasizes that citizens should have access to information regarding their government’s activities, as enshrined in the Nigerian Constitution, the Freedom of Information Act, and the country’s anti-corruption and human rights obligations.
No date has yet been set for the hearing of the suit.
