President Bola Tinubu has been urged by the Socio-Economic Rights and Accountability Project (SERAP) to direct the pertinent ministries, departments, and agencies (MDAs) to provide the organization with copies of loan agreements that were acquired by former presidents Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari.

Along with demanding that President Tinubu reveal the specifics of how the loans are being spent, along with the interest and other payments that have been paid thus far, SERAP made this demand in a Freedom of Information request that was signed by its Deputy Director, Kolawole Oluwadare.

The president was likewise urged by the civil society organization to form an impartial audit on how the loans that the previous presidents’ governments used were used, and to release the results of any such audit.

While pushing for copies of the agreements to be made available to the public, SERAP stated that it thinks doing so would stop waste, corruption, poor management, and misuse of public funds.

It declared that as democracy demands responsibility, and accountability demands openness, no one should be permitted to draw curtains of secrecy around decisions made about the use of public funds. It noted that these decisions can be made public without harming the interests of the public.

As part of their right to information, SERAP further emphasized that Nigerians have a right to know what their government is doing on their behalf.

According to the organization, Nigerians’ right to democratic governance gives people the ability to evaluate government performance, assign blame, and significantly affect its course.

It further stated that the agreements’ publication by the president would enhance public accountability in ministries, departments, and agencies (MDAs) and would reflect his frequently stated commitment to transparency and accountability in government.

SERAP went on to say that the data might contribute to the explanation of why millions of Nigerians remain in extreme poverty and without access to basic public goods and services, even after many administrations have borrowed billions of dollars.

The organization maintained that Nigerians would be able to examine and hold former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari accountable for their loan expenditures if the requested copies of the loan agreements were widely published.

SERAP said, “we would therefore be grateful if the recommended measures are taken within seven days of the receipt and publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.

“Our requests are brought in the public interest and in keeping with the requirements of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, the UN Convention against Corruption, the International Covenant on Civil and Political Rights, and the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.

“According to Nigeria’s Debt Management Office, the total public domestic debt portfolio for the country is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion).

“Nigeria paid $6.2 billion in 2019 as interest on loans while the country paid $6.5 as interest in 2018. Nigeria also paid $5 billion on loans in 2017, while the government spent $4.4 billion as interest in 2016. For 2015, the interest paid on loans was $5.5 billion.

“SERAP is seriously concerned that substantial parts of the loans obtained by successive governments since the return of democracy in 1999 may have been mismanaged, diverted or stolen, and in any case remain unaccounted for.

“Publishing copies of the agreements would also ensure that persons with public responsibilities are answerable to the people for their duties, including managing the loans obtained between May 1999 and May 2023.

“Your government has a responsibility to ensure transparency and accountability in how loans obtained by the Federal Government are spent to reduce vulnerability to corruption and mismanagement.

“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and Article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information, including to copies of the loan agreements obtained by successive governments since 1999.

“By the combined reading of the provisions of the Constitution of Nigeria, the Freedom of Information Act 2011, the International Covenant on Civil and Political Rights, and the African Charter on Human and Peoples’ Rights, there are transparency obligations imposed on your government to widely publish the agreements and details of the projects on which the loans were spent.

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their government’s activities,” SERAP stated.