SERAP gives Sani, Wike, others ultimatum to account for N5.9trn, $4.6bn loans

The Socio-Economic Rights and Accountability Project (SERAP) has given an ultimatum to the 36 state governors and the Minister of the Federal Capital Territory, Mr Nyesom Wike, to publicly disclose details of N5.9 trillion and $4.6 billion loans obtained by their respective states and the FCT.

The request, contained in a statement by SERAP’s deputy director Kolawole Oluwadare, included publishing copies of loan agreements and spending information, including project details and locations financed by the loans.

The call for transparency stems from concerns raised after Governor Uba Sani of Kaduna State revealed that the immediate past administration left substantial debt, making it difficult for the state to meet salary obligations.

SERAP emphasized that Nigerians have the right to know how public funds, including loans, are being utilized by state governments. The organization highlighted the importance of accountability, corruption prevention, and trust-building in democratic institutions through transparent financial management.

The statement noted that Nigeria’s Debt Management Office reported a total public domestic debt of N5.9 trillion and a public external debt of $4.6 billion for the country’s states and the FCT.