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SERAP sues Buhari over secrecy surrounding loans, huge debt profile

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The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against President Muhammadu Buhari, citing the secrecy over recurrent loans and its attendant huge debt profile amidst a struggling economy.

This was contained in a statement issued on Sunday by the SERAP Deputy Director, Kolawole Oluwadare, who noted that the suit number ECW/CCJ/APP/05/22 was filed before the ECOWAS Court of Justice in Abuja last week.

According to the organisation, the “secrecy in the spending of loans so far obtained, the unsustainable level of borrowing by the government and the 36 States, debt crisis, and the disproportionately negative impact of these retrogressive measures on poor Nigerians” was part of the reason for the lawsuit.

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The SERAP also sought an order to compel the FG regarding a moratorium against the incessant borrowing.

The statement further revealed that the “persistent and unsustainable borrowing by the federal and state governments and the crippling debt burden undermines the rights of Nigerians to economic and social development, and are antithetical to the public interest.”

Consequently, the SERAP sought an order to ensure the public disclosure of all loans obtained by governments since 1999, as well as the list of projects and locations of any such projects on which these loans have been spent.

A date is yet to be fixed for hearing of the suit.

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