SERAP Call Nigerian Governors and Wike to Disclose Details of Chinese Loans

In a strong statement on Sunday, the Socio-Economic Rights and Accountability Project (SERAP) called on the 36 state governors of Nigeria and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to publicly disclose the details of any Chinese loans, liabilities, and other forms of external borrowing that have been obtained or guaranteed by the Federal Government. This request is in line with SERAP’s ongoing commitment to promoting transparency and accountability in the management of public funds.

The Call for Transparency

SERAP’s Deputy Director, Kolawole Oluwadare, expressed concern over the apparent lack of transparency surrounding the management of these external loans. The organization is particularly worried that these loans and liabilities may not have been effectively managed, potentially putting Nigeria at financial risk. The loans in question, primarily from Chinese sources, are suspected of not being utilized for the purposes for which they were obtained, and there is a growing concern about the lack of accountability in their management.

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SERAP emphasized that the failure of state governments and the FCT to efficiently manage their debt obligations, particularly those guaranteed by the Federal Government, is a violation of Section 6 of the Debt Management Office Establishment Act. This failure could lead to significant financial exposure for Nigeria, including the potential confiscation of Nigerian assets in foreign jurisdictions if the terms of these loans are not satisfactorily fulfilled.

Risks of Default and Asset Confiscation

The organization’s statement highlighted the significant risk of defaults on these Chinese loans and other external borrowings, which are guaranteed by the Federal Government. Such defaults could result in severe consequences, including the seizure of Nigerian assets abroad by multilateral and bilateral agencies and other creditors.

SERAP also pointed out the inadequacy of safeguards and accountability mechanisms for these loans, which further exacerbates the risk of Nigeria losing its assets in foreign countries. This situation is particularly alarming given the ongoing challenges faced by millions of Nigerians who, despite the influx of external loans, continue to suffer from inadequate public services such as regular electricity supply and access to renewable energy solutions.

Seven-Day Ultimatum

SERAP has given the governors and the FCT Minister a seven-day ultimatum to disclose the details of these loans and other external borrowings. Failure to do so will result in legal action to compel compliance. The organization is adamant that the spending and repayment plans for these loans must be aligned with national and international standards to prevent or mitigate the risk of asset confiscation.

Conclusion

This call to action by SERAP is a significant step towards ensuring that the Nigerian government remains accountable to its citizens. The transparency and efficient management of external loans are crucial in safeguarding the nation’s financial stability and ensuring that public funds are used for the benefit of all Nigerians. As the deadline approaches, it remains to be seen how the state governments and the FCT will respond to SERAP’s demands.

For more details, visit Punch.

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