Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Federal Government for failing to disclose details of loans acquired by past Presidents Obasanjo, Yar’Adua, Jonathan, and Buhari. The lawsuit, also targeting the Minister of Finance and the Debt Management Office (DMO), aims to compel the government to publish loan agreements and spending specifics.
SERAP stresses the importance of transparency in public spending, arguing that citizens have the right to know how their government is utilizing borrowed funds. By making loan agreements accessible, accountability in government agencies can be enhanced. The total public domestic debt in Nigeria is reported to be N97.3 trillion ($108 billion), with the Federal Government holding N87.3 trillion ($97 billion) of this debt.
The lawsuit highlights the necessity for accountability and transparency, stating that democracy hinges on open governance. The hearing date for the case is yet to be determined, but the outcome could pave the way for improved financial transparency and oversight in government operations.
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