Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Federal Government, led by President Bola Tinubu, for failing to disclose details of loan agreements obtained by previous administrations.
The lawsuit filed at the Federal High Court in Lagos aims to compel the government to disclose loan agreements and spending details for loans obtained during the administrations of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
SERAP argues that citizens have the right to access this information to hold their government accountable for its spending and to ensure transparency in the management of public funds.
The lawsuit comes as Nigeria’s public debt portfolio reaches N97.3 trillion ($108 billion), with interest payments totalling billions of dollars in recent years.
SERAP’s lawyers, Kolawole Oluwadare and Andrew Nwankwo argue that publishing the loan agreements and spending details would promote transparency, accountability, and good governance.
SERAP had before now taken legal action against President Bola Tinubu, filing a lawsuit over the failure to probe allegations regarding the whereabouts of the $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF).
