"Transparency Alert: Governors Given Ultimatum by SERAP to Disclose State Loans Details"

The Socio-Economic Rights and Accountability Project (SERAP) has set forth an ultimatum directed at all 36 state governors and the Minister of the Federal Capital Territory, Mr. Nyesom Wike, urging them to provide comprehensive details regarding the utilization of significant loans acquired by their respective states and the FCT. This call for transparency includes the disclosure of the specifics of loans amounting to N5.9 trillion and $4.6 billion, as well as the publication of copies of loan agreements and spending information.

The demand for transparency comes in the wake of concerns raised by Governor Uba Sani of Kaduna State, who disclosed the existence of substantial debts inherited from the previous administration. These debts have reportedly posed challenges for the state government in meeting its salary obligations. As such, SERAP stresses the critical importance of public disclosure in ensuring accountability and preventing corruption in the management of public funds, particularly those obtained through loans.

In the statement issued by SERAP's deputy director, Kolawole Oluwadare, the organization emphasizes that Nigerians have the right to know how public funds, including loans, are being utilized by state governments. By disclosing loan agreements, spending information, and project details financed by these loans, state governments can foster trust, accountability, and effective governance.

The call for transparency is grounded in the belief that citizens should be informed about the utilization of public funds to ensure that resources are allocated and managed in a manner that benefits the public interest. With Nigeria's Debt Management Office reporting a total public domestic debt of N5.9 trillion and a public external debt of $4.6 billion for the states and the FCT, SERAP seeks to uphold principles of transparency and accountability in financial management.

By demanding the publication of loan agreements and spending information, SERAP aims to promote transparency and accountability, thereby enhancing public trust in democratic institutions. The organization underscores the importance of effective financial management and responsible governance in fostering socioeconomic development and improving the welfare of citizens.

Kindly share this story and follow us for more engaging contents