The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu’s administration, demanding the publication of detailed accounts of loans acquired by previous administrations.
The suit, lodged with the Federal High Court in Lagos, targets the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Debt Management Office (DMO).
SERAP is pushing for the release of loan agreements and expenditure details from the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari. The organization emphasizes that transparency in these financial dealings is crucial for public accountability.
SERAP argues that the Nigerian public has a right to know how these loans were utilized, citing the persistence of extreme poverty despite the substantial loans taken. The group contends that such transparency is necessary for evaluating governmental performance and ensuring democratic governance.
The lawsuit highlights the need for access to information as enshrined in the Freedom of Information Act, the Nigerian Constitution, and international human rights laws. SERAP insists that without transparency, the public cannot hold the government accountable for its fiscal management.
The organization points out that Nigeria’s debt portfolio stands at N97.3 trillion ($108 billion), with billions paid annually in interest.
No date has been set for the hearing of the suit.
