The Socio-Economic Rights and Accountability Project (SERAP) has issued an ultimatum to the 36 state governors and the Minister of the Federal Capital Territory, Mr Nyesom Wike, demanding public disclosure of the details surrounding N5.9 trillion and $4.6 billion loans secured by their respective states and the FCT.
In a statement delivered by SERAP’s deputy director, Kolawole Oluwadare, the organization underscored the necessity for transparency by urging the publication of loan agreements alongside comprehensive spending information, including project specifics and the locations financed by these loans.
This call for transparency arises from mounting concerns following Governor Uba Sani of Kaduna State’s revelation about the significant debt inherited from the previous administration, which has severely impacted the state’s ability to fulfill salary obligations.
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Emphasizing the citizens’ right to be informed about the utilization of public funds, including loans, SERAP stressed the crucial role of accountability, corruption prevention, and trust-building within democratic institutions through transparent financial management.
The statement highlighted data from Nigeria’s Debt Management Office, which reported a total public domestic debt of N5.9 trillion and a public external debt of $4.6 billion for the country’s states and the FCT.
