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Publish Nigeria’s Loan Details Since 1999—SERAP Tells Tinubu
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to publish copies of loan agreements obtained by the federal government since 1999.
The group in a statement issued on Sunday asked President Tinubu “to direct appropriate ministries, departments and agencies (MDAs) to provide our organization with copies of the loan agreements obtained by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.”
According to the statement issued by its Deputy Director, Mr Kolawole Oluwadare, the details must include how the loans were spent and the interest and other payments made on the credit facilities so far, which should be made public after an “independent audit.”
SERAP said it is demanding the details under the Freedom of Information request dated April 13, 2024, stressing that “No one should be able to pull curtains of secrecy around decisions on the spending of public funds which can be revealed without injury to the public interest. Democracy requires accountability and accountability requires transparency.”
It argued that, “Publishing copies of the agreements would prevent and combat waste, corruption, mismanagement, and abuse in the spending of public funds,” noting that, “Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information.”
“Your government should make it possible for citizens to have access to the agreements and spending details to judge whether their government is working for them or not.”
“Publishing the agreements would demonstrate your oft-expressed commitment to openness in government and to promote accountability. It would also improve public accountability in ministries, departments and agencies (MDAs).
“Publishing the agreements and spending details would allow the public to see how and on what these governments spent the loans and foster transparency and accountability.”
“The information may help to explain why, despite several billions of dollars in loans obtained by successive governments, millions of Nigerians continue to face extreme poverty and lack access to basic public goods and services,” it stated.
It noted that according to the Debt Management Office (DMO), the total public domestic debt portfolio for the country is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion).
“Nigeria paid $6.2 billion in 2019 as interest on loans while the country paid $6.5 as interest in 2018. Nigeria also paid $5 billion as interest on loans in 2017 while the country paid $4.4 billion as interest in 2016. For 2015, the interest paid on loans was $5.5 billion.”
“SERAP is seriously concerned that substantial parts of the loans obtained by successive governments since the return of democracy in 1999 may have been mismanaged, diverted or stolen, and in any case remain unaccounted for,” it said.
“We would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter.
“If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest,” it warned.
By Adedapo Adesanya
The federal government has called for the adoption of alternative energy sources in the maritime industry to reduce greenhouse gas emissions, warning that Africa could face severe economic impacts if left behind in the global transition.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this call in Abuja while declaring open the African Strategic Summit on Shipping Decarbonization.
He cautioned that the ongoing shift to low-emission shipping fuels could increase transport costs for Africa, disproportionately affecting developing nations.
“With over 90 per cent of global trade relying on maritime transport, reducing GHG emissions is not just an environmental necessity but an economic imperative,” Mr Oyetola stated.
He stressed the need for Africa to have a strong voice in shaping global policies. “As the IMO advances its regulatory framework on decarbonization, Africa must ensure its interests are safeguarded, as we rely heavily on imports and contribute less than 2 per cent to the global fleet,” he said.
Highlighting the potential benefits of the transition, Mr Oyetola urged African nations to leverage the shift towards cleaner energy to boost industrialization.
“With 38 coastal nations, Africa can use this transition to develop its ports as launch pads for economic growth by engaging the Global North in strategic partnerships,” he added.
The Minister emphasized the need for a just and equitable transition, ensuring that no African nation is left behind.
“While we recognize the urgency of climate action, developing economies face challenges such as limited access to technology, energy poverty, and food insecurity. The principle of common but differentiated responsibilities must guide our approach,” he said.
Also, Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Mr Dayo Mobereola, reinforced the urgency of decarbonization.
“The shipping industry contributes about 3 per cent of global emissions. This summit is a platform for Africa to shape a strategy that ensures sustainable maritime development without being disadvantaged,” he noted.
By Dipo Olowookere
The Chairman of Ayobo-Ipaja Local Council Development Area (LCDA), Mrs Bolatito Shobowale, has died, Business Post has confirmed.
She passed away on Friday after a prolonged battle with illness and three days after her deputy, Mr Ladi Oluwaloni, was asked to become the acting chairman of the council due to her long absence from work.
Mrs Shobowale had been away from her office for about six months, preventing the presentation of the 2025 budget to the council lawmakers for approval.
There had been underground grumbling within the LCDA until Governor Babajide Sanwo-Olu stepped in and approved the appointment of Mr Oluwaloni as the acting chairman.
Recent council activities had been carried out without the deceased, including the welcoming of the Governor Advisory Council (GAC) led by Mr Femi Pedro and the presentation of work tools to some residents who completed an empowerment programme sponsored by the state government.
Reacting to the death of Mrs Shobowale, the chairman of Alimosho Local Government Area, Mr Jelili Sulaimon, said she would be missed.
Mr Sulaimon, in a statement signed by his media aide, Mr Babatunde Yusuf, described the deceased, fondly called Mama Show, as a mother to all and a good administrator who is ever willing to see Ayobo-Ipaja LCDA progress positively.
According to him, Mrs Shobowale, elected into office in 2021, committed herself to the growth and development of council until her death.
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