The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to produce records of loan agreements secured by the governments of previous Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
It further requested that the President make public “the spending details of any such loans as well as the interests and other payments so far made on the loans.”
Also, the organisation requested Tinubu “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 a request made under the Freedom of Information Act on April 13, 2024, and signed by its Deputy Director, Kolawole Oluwadare said:
“According to Nigeria’s Debt Management Office, the total public domestic debt portfolio for the country’s is N97.3tn ($108bn). The Federal Government’s debt is N87.3tn ($97bn).
“Nigeria paid $6.2bn in 2019 as interest on loans while the country paid $6.5 as interest in 2018. Nigeria also paid $5bn as interest on loans in 2017 while the country paid $4.4bn as interest in 2016. For 2015, the interest paid on loans was $5.5bn.
“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.”
cc: Punch Ng
