President Bola Tinubu’s administration is facing legal action for not disclosing the expenditure details of loans taken by previous governments since Nigeria’s return to democracy in 1999.
The lawsuit was initiated by the Socio-Economic Rights and Accountability Project (SERAP) against the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Debt Management Office (DMO). Filed last Friday at the Federal High Court in Lagos, under suit number FHC/L/CS/353/2024, SERAP seeks a court order compelling Tinubu’s government to release the loan agreements made by former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
SERAP’s lawsuit demands not only the disclosure of how these loans were spent but also a detailed account of the interest and other payments that have been made on them. The organization believes that revealing these details is crucial for understanding why, despite the billions of dollars borrowed by successive administrations, millions of Nigerians still endure extreme poverty and lack access to essential public services.
SERAP argues that government accountability to the public is a fundamental aspect of democratic governance, which Nigeria strives to uphold. The suit, filed by SERAP’s legal team comprising Kolawole Oluwadare and Andrew Nwankwo, emphasizes that publishing these loan agreements would enhance public accountability across ministries, departments, and agencies (MDAs).
This legal action underscores the ongoing efforts to ensure transparency and accountability in the management of Nigeria’s public finances.