Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President Dr Ahmad Lawan, and Speaker of House of Representatives Mr Femi Gbajabiamila to reject the fresh request by President Muhammadu Buhari to borrow $4 billion and €710 million until the publication of details of spending of all loans obtained since May 29, 2015 by the government.”
President Buhari recently sought the approval of the National Assembly to borrow $4,054,476,863 billion and €710 million, on the grounds of “emerging needs.” The request was contained in a letter dated 24 August, 2021. In an open letter dated 18 September 2021, and signed by SERAP deputy director Kolawole Oluwadare, the organization expressed “concerns about the growing debt crisis, the lack of transparency and accountability in the spending of loans that have been obtained, and the perceived unwillingness or inability of the National Assembly to vigorously exercise its constitutional duties to check the apparently indiscriminate borrowing by the government.”
SERAP said: “The National Assembly should not allow the government to accumulate unsustainable levels of debt, and use the country’s scarce resources for staggering and crippling debt service payments rather than for improved access of poor and vulnerable Nigerians to basic public services and human rights.”
According to SERAP, “Accumulation of excessive debts and unsustainable debt-servicing are inconsistent with the government’s international obligations to use the country’s maximum available resources to achieve progressively the realisation of economic and social rights, and access of Nigerians to basic public services.”
The letter was copied to chairmen of the Public Accounts Committees of the National Assembly.