The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the administration of President Bola Tinubu for its failure to disclose the spending details of loans obtained by previous Nigerian governments.
This lawsuit targets the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, as well as the Debt Management Office (DMO).
Filed last Friday at the Federal High Court in Lagos under suit number FHC/L/CS/353/2024, SERAP seeks a court order to compel the Tinubu government to publish the loan agreements and spending details of loans secured by former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
SERAP’s lawsuit demands transparency regarding how these funds were used, including interest and other payments made on these loans.
In its filing, SERAP argues that, “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.”
The organization stresses that public access to these financial details is crucial for citizens to assess whether their government is effectively working for them.
SERAP’s call for transparency is underpinned by a broader concern about the socio-economic conditions in Nigeria.
The organization highlights the irony that, despite billions of dollars in loans taken by successive governments, millions of Nigerians continue to face extreme poverty and lack access to basic public goods and services.
“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,” SERAP stated.
The lawsuit represents a significant push for fiscal transparency and accountability in Nigeria’s governance, reflecting growing demands from civil society for better management of public funds.