SERAP Urges Governors and FCT Minister to Account for N5.9 Trillion and $4.6 Billion Loans

Nyesom Wike

The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern ultimatum to Nigeria’s 36 state governors and the Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike. They are required to provide transparency by publishing copies of loan agreements and detailed spending records related to the substantial loans obtained by their states and the FCT.

The call for accountability comes in the wake of Governor Uba Sani of Kaduna State revealing that the previous administration of Nasir El-Rufai left the state with a staggering $587 million debt, N85 billion in liabilities, and an inability to meet salary obligations.

SERAP demands that the loan agreements be made public, along with comprehensive information on how these funds were utilized. Citizens have a right to know how their states are managing both domestic and external loans. SERAP also urges the governors and the FCT Minister to promptly involve the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) in scrutinizing the expenditure of these loans.

Transparency in loan utilization is essential for accountability, corruption prevention, and building trust in democratic institutions. By widely publishing these details, public officials become answerable to the citizens they serve. SERAP’s formal requests, dated March 30, 2024, emphasize the urgency of this matter. The organization expects compliance within seven days to ensure transparency and responsible financial management.

The total public domestic debt portfolio for Nigeria’s 36 states and the FCT stands at N5.9 trillion, while the external debt portfolio amounts to $4.6 billion. Many states are grappling with salary payment challenges, and SERAP seeks to shed light on how borrowed funds are being utilized.

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In the interest of accountability and good governance, SERAP calls on the governors and the FCT Minister to heed this ultimatum and provide the necessary information to the public.

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