Seven-Day Deadline: Uba Sani, Makinde, Wike, Adeleke, And Others Ordered To Disclose Loan Details

The Socio-Economic Rights and Accountability Project (SERAP) has called on Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Abuja, Nyesom Wike, to publicly disclose copies of loan agreements and expenditure particulars regarding approximately N5.9 trillion and $4.6 billion in loans procured by their respective states and the FCT. This request extends to providing comprehensive information on the projects executed with these loans, including their locations.

SERAP has further urged the mentioned officials to promptly engage the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to conduct investigations into the utilization of both domestic and external loans secured by their states and the FCT.

This call for transparency comes in the wake of Governor Uba Sani of Kaduna State’s recent revelation that the preceding administration of Nasir El-Rufai left behind a substantial debt of $587 million, alongside N85 billion in debt and 115 contractual obligations, rendering the state unable to meet its salary obligations.

In Freedom of Information requests dated March 30, 2024, and endorsed by SERAP’s deputy director Kolawole Oluwadare, the organization asserts that public interest necessitates the disclosure of loan agreements and detailed expenditure reports to ensure accountability in governance.

SERAP underscores that Nigerians possess the right to be informed about how their states are utilizing both domestic and external loans procured by their governors. The organization contends that widespread publication of loan agreements and spending particulars would enhance public officials’ accountability in managing public funds.

The FoI requests emphasize the urgency of compliance, setting a seven-day deadline for the governors and the FCT Minister to act. Failure to respond within this timeframe, SERAP warns, will result in legal action to enforce compliance in the public interest.

SERAP expresses deep concern over reports suggesting mismanagement of public funds by several states and the FCT, including instances where loans are allegedly diverted to fund extravagant expenditures rather than addressing critical public needs.

In light of this, SERAP emphasizes the importance of transparency and accountability in managing public funds, particularly loans, to mitigate corruption risks and promote effective utilization of resources for the benefit of citizens.

The organization asserts that disclosing loan agreements and expenditure details would facilitate public scrutiny, foster transparency, and empower citizens to participate meaningfully in governance processes.

Ultimately, SERAP contends that upholding transparency and accountability in loan utilization aligns with democratic principles, empowering citizens to hold public officials accountable and ensuring the effective functioning of democratic institutions.

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