Nigeria’s 36 states governors and the Federal Capital Territory Minister Nyesom Wike has been given a one week ultimatum by the Socio-Economic Rights and Accountability Project to account for loan agreements and spending details of some N5.9 trillion and $4.6 billion loans obtained by their states and the FCT.
SERAP, also listed that details and locations of projects executed with the loans be made available in the ‘Freedom of Information’ request made on March 30, 2024.
“It is in the public interest to publish copies of the loan agreements and details of how the loans obtained are spent,” said a statement signed by SERAP deputy director Kolawole Oluwadare.
“Nigerians have the right to know how their states are spending the domestic and external loans obtained by the governors.
“We would 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 you and your state to comply with our request in the public interest.”
“SERAP is seriously concerned that many of the country’s 36 states and FCT are allegedly mismanaging public funds which may include domestic and external loans obtained from bilateral and multilateral institutions and agencies.”
“Transparency in the spending of the loans obtained by your state is fundamental to increase accountability, prevent corruption, and build trust in democratic institutions with the ultimate aim of strengthening the rule of law.”
“According to Nigeria’s Debt Management Office, the total public domestic debt portfolio for the country’s 36 states and the Federal Capital Territory is N5.9 trillion. The total public external debt portfolio is $4.6 billion.”
“Many states and the FCT reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in your state and the FCT continue to be denied access to basic public goods and services such as quality education and healthcare.”
