A group known as the Socio-Economic Rights and Accountability Project, SERAP, recently filed a lawsuit against the President Muhammadu Buhari-led administration, following their findings of the secret expenditures of acquired loans.
In what it alleged to be the ‘secrecy in the spending of loans’ so far obtained, the group posited that the attitude of the government towards borrowings is unsustainable, adding that so far, there is the debt crisis in the 36 states of the federation.
They argued that the level of borrowing and inability to repay in the slated timeframe would have adverse effect on the poor masses, stressing that the Government should regulate it’s financial activities.
As contained in the suit filed last week before the ECOWAS Court of Justice in Abuja, they sought: “An order directing and compelling the Federal Government to issue an immediate moratorium on borrowing by itself, and the 36 states, in conformity with the country’s international human rights obligations.”
They also demanded that that an order in court which requires the Federal Government to make public, the details of it’s expenditure should be put in place so all Nigerians would be aware how their money is being spent.
Their request include loans obtained by governments since 1999, plus the list of projects and locations on which these fund were expended.