The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against President Bola Tinubu’s administration, accusing it of failing to disclose the spending details of loans acquired by former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari. The lawsuit, filed at the Federal High Court in Lagos, also names the Minister of Finance, Wale Edun, and the Debt Management Office (DMO) as defendants.
SERAP’s suit seeks a court order compelling the Tinubu government to publish the loan agreements and detailed spending records, including interest and other payments made. The organization argues that transparency in the use of public funds is essential for democracy and public accountability, asserting that citizens have a right to know how their government is spending money on their behalf.
According to SERAP, the disclosure of loan agreements and spending details is crucial for public scrutiny and accountability. Highlighting the substantial public debt and the billions paid in interest annually, SERAP suggests that mismanagement or corruption might be involved. The organization underscores that transparency in loan spending is necessary to prevent corruption and ensure good governance in Nigeria. A hearing date for the case has not yet been scheduled.