Fresh $5.5bn Loan Request: Account For Previous Loans, SERAP Urges Buhari

Cat:

Related stories

Oshiomhole Breaks Silence on Viral Lagos Airport Clash with Air Peace Staff

By Abiola Olawale Senator Adams Oshiomhole, the lawmaker representing Edo...

SEC Blasts CBEX Says it remains Banned in Nigeria, as Crypto Platform

By Abiola Olawale The Securities and Exchange Commission (SEC) has...

2027: Atiku, Obi, El-Rufai, Others Can’t Unseat Tinubu, They’re ‘Bound To Fail’ — Wike

By Kolawole Ojebisi The FCT Minister, Nyesom Wike, on Wednesday,...

Wike’s Defection To APC ‘ll Make PDP, Others ‘Writhe In Pain’ — Tinubu

By Kolawole Ojebisi President Bola Tinubu on Wednesday said the...

2025 Rivers N1.48 tn Budget Done In Readiness for Fubara’s Return — Ibas

By Kolawole Ojebisi The Sole Administrator of Rivers State, Vice...

Following a request by President Muhammadu Buhari to borrow a fresh $5.5bn loan, Socio-Economic Rights and Accountability Project (SERAP) has sent a Freedom of Information, FoI request to the president to provide the spending details of all loans obtained by his government since May 29, 2015.

SERAP issued 7 days ultimatum to President Buhari to include details and locations of projects on which the loans have been spent, failure to do so, the group said will lead to an appropriate legal actions.

The organisation also urged Buhari to set up an independent audit of all loans to resolve any allegations of mismanagement and corruption, and to publish spending details of loans obtained by successive administrations since 1999, list of countries and bodies that have given the loans, and specific repayment conditions.

SERAP, in a FoI request signed by deputy director Kolawole Oluwadare, expressed concerns that while governments since 1999 have borrowed money in the name of Nigeria and its citizens, much of the funds have reportedly been mismanaged, stolen or squandered.

The group warned that opacity in the spending of loans would continue to have negative impacts on the fundamental interests of citizens.

SERAP stated that instead taking more loans and increasing Nigeria’s debts burden to fund the opulent lifestyles of former state governors receiving life pensions, Buhari should cut the costs of governance.

The group lamented the massive and growing national debts and other issues like quality education, adequate healthcare, clean water, and regular electricity supply.

SERAP told Buhari to promptly instruct Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to monitor the spending of all loans obtained since the assumption of office in May 2015.

Copied in the FoI request are Abukabar Malami, SAN, Attorney General of the Federation and Minister of Justice; Zainab Ahmed, Minister of Finance and Ms Patience Oniha, Director-General of the Debt Management Office.

Recall that last week, the President sought the National Assembly’s approval for a fresh loan of $5.513bn, reportedly to fund the 2020 budget deficit, critical projects, and support some states.

This followed a recent approval of a N850 billion loan.

Similarly, another loan of $22.79bn, already approved by the Senate, is pending before the House of Representatives.

 

Babajide Okeowo
Babajide Okeowohttps://newdiplomatng.com/
With a career spanning over a decade spent across the Business, Political and Entertainment beats of prominent media organizations in Nigeria, Babajide Okeowo has carved a niche for himself as a Journalist of repute. As a newsroom guru, he has penned several weighty narratives and designed content that speak to a news medium's values, vision and mission while ensuring that the content resonate pretty well with a variety of critical audiences across Nigeria and beyond. A consummate storyteller whose coverage of the business industry is valuable, Okeowo is blessed with a vast analytical mind and data interpretation skills. In his spare time, he interprets data for a Leading American University while also volunteering for a Non-Governmental Organization on Mindset Transformation. Okeowo is the Content Editor of The New Diplomat.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Oshiomhole Breaks Silence on Viral Lagos Airport Clash with Air Peace StaffSEC Blasts CBEX Says it remains Banned in Nigeria, as Crypto Platform2027: Atiku, Obi, El-Rufai, Others Can't Unseat Tinubu, They're 'Bound To Fail' -- WikeWike's Defection To APC 'll Make PDP, Others 'Writhe In Pain' -- Tinubu2025 Rivers N1.48 tn Budget Done In Readiness for Fubara's Return -- Ibas[VIDEO] Drama As Oshiomhole, Air Peace Engage in Dirty Spat at Lagos AirportI'm Ready To Forgive Elon Musk..We've to Strengthen the Country, Says TrumpDele Momodu Tells Tinubu: You Can't Say Nigerians are Busybodies, Bystanders to Praise WikeOil Prices Slip Despite U.S.-China TalksDrama As Elon Musk Reverses Self on Trump, Says Criticism Went too farEx-Minister, Essien Blasts Gov Umo Eno For Piling Pressure on Lawmakers to DefectNigeria Not At War Yet Citizens Living Like Refugees In Own Country -- Peter ObiFubara's Sins 'll Be Forgiven Only If... APC2027: I'm Ready To Die For Tinubu's Victory In Abia -- KaluAtiku's Ally, Segun Sowunmi, Hints At Dumping PDP For APC, Says 'I May Likely Leave'
X whatsapp