Tinubu Under Legal Fire for Not Disclosing Loans Taken by Former Presidents

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu’s government for not disclosing spending details of loans obtained by former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.

The suit names the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Debt Management Office (DMO) as defendants. Filed last Friday at the Federal High Court in Lagos (Suit No. FHC/L/CS/353/2024), SERAP is urging the court to compel the Tinubu government to release the loan agreements and spending details of the loans acquired by these former presidents.

SERAP asserts that transparency in the spending of public funds is essential for democracy and public accountability. They argue that access to this information will enable citizens to evaluate whether their government is acting in their best interest.

SERAP highlighted the persistent extreme poverty and lack of basic services in Nigeria despite billions of dollars in loans obtained by successive governments. They emphasize that transparency and accountability are crucial for assessing government performance and ensuring that public funds are managed responsibly.

According to Nigeria’s Debt Management Office, the total public domestic debt is N97.3 trillion ($108 billion), with the Federal Government’s debt at N87.3 trillion ($97 billion). SERAP points out that substantial parts of these loans may have been mismanaged or misappropriated.

SERAP’s legal representatives, Kolawole Oluwadare and Andrew Nwankwo, argue that publishing the loan agreements and spending details would enhance public accountability and transparency. They stress that the Nigerian Constitution, Freedom of Information Act, and international human rights obligations guarantee the right to access this information.

No date has been set for the hearing of the suit.