NewsSERAP Sues Govs Over N6trn Loans; Demands Details, Projects Executed

SERAP Sues Govs Over N6trn Loans; Demands Details, Projects Executed

May 5, 2024

The Socio-Economic Rights and Accountability Project, SERAP, has sued 36 state governors in the country for obtaining close to N6 trillion and $4.6 billion loans.

Also included in the suit filed by SERAP is the Minister of the Federal capital Territory, FCT, Nyesome Wike.

The human rights body said the suit became necessary because of the opaque manner in which the loans were obtained, which it said had no bearing in the lives of Nigerians.

According to the statement made available to journalists on Sunday, SERAP has prayed the court to compel the governors and Wike to open their books to anti-graft agencies in the country for investigation.

The suit is coming following complaints by Nigerians that the details of such loans were usually shrouded in secrecy while the there is nothing to show in terms of projects and infrastructure that could benefit the people.

In fact, some governors have openly criticized their predecessors for leaving behind humongous loans for them, which they said have hindered their own administrations for doing something tangible.

For instance, the governors of Abia and Kaduna, Alex Otti and Uba Sani state have trenchantly criticized their predecessors for obtaining huge amount of loans.

But, Governor Otti on his part, after much criticism of the immediate past administration of Okezie Victo Ikpeazu has commenced negotiations with the Islamic Development Bank, ISB, to obtain a $125 million loan.

SERAP in the suit numbered FHC/ABJ/CS/592/2024 filed last Friday at the Federal High Court, Abuja, said these loans cannot be accounted for urging the court to force the governors to publish “copies of the loan agreements, including details and locations of projects executed with the loans.”

“It is in the public interest to grant the reliefs sought. Nigerians have the right to see and scrutinise the loan agreements and know the details of how the domestic and external loans obtained by the governors and FCT minister are spent,” SERAP said.