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SERAP Calls for Audit of Federal Government’s Loans Since 1999

SERAP sues NNPC over $2.04 billion missing oil revenue
SERAP sues NNPC over $2.04 billion missing oil revenue

The Socio-Economic Rights and Accountability Project (SERAP) has issued a demand to President Bola Tinubu, urging transparency regarding loans obtained by past administrations since 1999.

The advocacy group has requested copies of loan agreements from the administrations of former Presidents Olusegun Obasanjo, the late Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.

Under the Freedom of Information Act, SERAP is seeking detailed information on the spending of these loans, including interest and other payments made.

They are also calling for an independent audit to scrutinize the expenditure of these funds. The group expressed concern over the high level of public debt in Nigeria, which stands at N97.3 trillion ($108 billion), with the Federal Government’s debt alone at N87.3 trillion ($97 billion).

SERAP highlighted the significant amounts paid as interest on loans in recent years, emphasizing the need for accountability in managing public funds.

They expressed worries that a portion of these loans might have been mismanaged or diverted, contributing to ongoing challenges of poverty and lack of access to essential services for many Nigerians.

The group stressed the importance of transparency and accountability in government spending, urging the current administration to ensure that loans obtained are used for their intended purposes and to prevent corruption and mismanagement.

SERAP has given a seven-day ultimatum for the government to respond to their demands, warning of legal action if necessary to compel compliance in the public interest.

This Article is Fact-Checked. See Policy.

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