SERAP Calls on President Tinubu to Disclose Loan Agreements of Past Nigerian Presidents

The Socio-Economic Rights and Accountability Project (SERAP) has issued a compelling plea to President Bola Tinubu, urging him to direct relevant ministries, departments, and agencies (MDAs) to furnish the organization with loan agreements procured during the tenures of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.

In addition to acquiring copies of these loan agreements, SERAP is also pressing for transparency regarding the expenditure details of such loans, as well as comprehensive insights into the interest rates and other financial obligations accrued thus far.

SERAP also urges him “to establish an independent audit on the spending of the loans obtained by the governments of the former presidents, and to make public the findings of any such audit.”

In the Freedom of Information request dated 13 April 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “Publishing copies of the agreements would prevent and combat waste, corruption, mismanagement, and abuse in the spending of public funds.”

SERAP said, “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.”

According to SERAP, “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, read in part: “Nigerians’ right to a 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 (MDAs).

“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.

“We would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.”

“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, and the UN Convention against Corruption, the International Covenant on Civil and Political Rights and the African Charter on Human and Peoples’ Rights to Nigeria is a state party.”

“According to Nigeria’s Debt Management Office, the total public domestic debt portfolio for the country’s 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 as interest on loans in 2017 while the country paid $4.4 billion as interest in 2016. For 2015, the interest paid on loans was $5.5 billion.”

“SERAP is seriously concerned that 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.”

“Publishing copies of the agreements would also ensure that persons with public responsibilities are answerable to the people for the performance of their duties including the management of the loans obtained between May 1999 and May 2023.”

“Your government has a responsibility to ensure transparency and accountability in how any 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 your 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.”