The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the administration of President Bola Tinubu.
The lawsuit, filed at the Federal High Court in Lagos, seeks detailed reports and agreements concerning loans acquired during the tenures of former Presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.
By demanding transparency in how these loans, amounting to billions of dollars, were utilized, SERAP underscores the citizens’ right to access information on public fund expenditures for democratic governance and accountability.
Highlighting the critical role of transparency in evaluating governmental performance amidst persistent economic challenges, SERAP emphasizes the importance of Nigerians understanding how public funds are managed.
The outcome of this legal action could significantly influence transparency and accountability mechanisms within Nigeria’s financial management framework.
SERAP’s lawsuit, represented by lawyers Kolawole Oluwadare and Andrew Nwankwo, aims to compel the Tinubu government to publish loan agreements and spending details, enabling public scrutiny and accountability.
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In light of Nigeria’s substantial debt burden, estimated at N97.3 trillion ($108 billion) according to the Debt Management Office, SERAP underscores the need for transparency to combat corruption and financial mismanagement.
The organization asserts that transparency obligations, as enshrined in the Nigerian Constitution, Freedom of Information Act 2011, and international human rights charters, mandate the government to disclose loan agreements and project details.
While a hearing date for the suit is pending, SERAP remains steadfast in its pursuit of financial transparency and accountability in Nigeria.
