The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the governors of the 36 states of Nigeria and the Minister of the Federal Capital Territory, Nyesom Wike, for their alleged failure to account for and publish details of loans totaling N5.9 trillion and $4.6 billion, respectively.
The lawsuit, filed at the Federal High Court, Abuja, seeks to compel the governors and Mr. Wike to disclose the loan agreements and the projects executed with the borrowed funds.
SERAP's move comes after its earlier demand, issued on March 31, 2024, went unanswered by the respondents.
The organization argues that transparency in loan spending is crucial for accountability and to prevent corruption, ultimately strengthening democratic institutions.
The statement from SERAP also highlights concerns about the misuse of public funds, including loans, for unnecessary expenses such as luxury travel and extravagant purchases, potentially contributing to the country's poverty and underdevelopment.
While no hearing date has been set yet, SERAP emphasizes the need for transparency and accountability in handling loans, citing the vulnerability of such funds to corruption and mismanagement.
The organization urges the court to intervene to ensure compliance with legal obligations and uphold citizens' right to scrutinize the use of public funds.
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