The Socio-Economic Rights and Accountability Project has made a formal request to President Bola Tinubu, in a move towards ensuring transparency and accountability in governance.
SERAP’s action comes against the backdrop of Nigeria’s history of public debt accumulation and the need for clarity on the utilization of loans taken by past administrations.
Since the return to democratic rule in 1999, Nigeria has seen a succession of presidents, starting with Olusegun Obasanjo, followed by Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
Each administration has, over the years, obtained loans purportedly aimed at enhancing the nation’s development and addressing various socio-economic challenges. However, the details of these loan agreements and the specifics of their expenditure have remained largely opaque to the public.
In light of this, SERAP has called upon President Tinubu to direct relevant ministries, departments, and agencies to disclose copies of the loan agreements entered into by these former leaders. The organization is not only seeking the publication of these documents but also detailed accounts of the spending, interest, and other payments made concerning the loans.
The request, articulated in a Freedom of Information letter dated 13 April 2024 and signed by SERAP’s deputy director, Kolawole Oluwadare, emphasizes the importance of such transparency. The letter states:
“Publishing copies of the agreements would prevent and combat waste, corruption, mismanagement, and abuse in the spending of public funds.
“No one should be able to pull curtains of secrecy around decisions on the spending of public funds which can be revealed without injury to the public interest. Democracy requires accountability and accountability requires transparency.
“Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information.”
The FoI request further read:
” Nigerians’ right to democratic governance allows them to appreciably influence the direction of government, and have an opportunity to assess progress and assign blame.
“The accountability of government to the general public is a hallmark of democratic governance, which Nigeria seeks to achieve.
“Your government should make it possible for citizens to have access to the agreements and spending details to judge whether their government is working for them or not.
Publishing the agreements would demonstrate your oft-expressed commitment to openness in government and to promote accountability. It would also improve public accountability in ministries, departments and agencies.
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.
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 basic public goods and services.
Providing us with copies of 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 scrutinise it and to demand accountability for the spending of the loans.”
SERAP has requested that these measures be implemented within seven days of the receipt or publication of the letter, failing which they intend to pursue legal actions to compel compliance in the public interest.
This request aligns with the provisions of the Nigerian Constitution, the Freedom of Information Act, international treaties such as the UN Convention against Corruption, and the African Charter on Human and Peoples’ Rights, all of which Nigeria is a signatory to.
According to the Debt Management Office, Nigeria’s total public domestic debt stands at N97.3 trillion ($108 billion), with the Federal Government’s debt accounting for N87.3 trillion ($97 billion). The interest payments on these loans have been substantial, with $6.2 billion paid in 2019, and similar figures in preceding years.
SERAP’s advocacy for the publication of these loan agreements and spending details is a step towards fostering a culture of transparency and enabling citizens to hold their government accountable for financial decisions made on their behalf. It reflects the organization’s commitment to ensuring that democracy in Nigeria is characterized by informed citizenry and responsible governance.