Disclose details of Chinese loans, liabilities, repayments, others, SERAP tells Govs, Wike
The Socio-Economic Rights and Accountability Project (SERAP) has called on Nigeria’s 36 state governors and the Federal Capital Territory (FCT) Minister, Nyesom Wike, to disclose full details of any Chinese loans, liabilities, and other external borrowings obtained and guaranteed by the Federal Government. This request includes the terms and conditions of these loans, especially those related to collateral.
In a statement released on Sunday by its Deputy Director, Kolawole Oluwadare, SERAP emphasized the importance of transparency regarding the repayment obligations, interest rates, and any defaults or debt restructurings associated with these loans.
The organisation also urged the state and FCT governments to clarify their investment agreements with Chinese companies and provide details on the repayment history of any loans or facilities obtained from China and other external creditors.
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“We are concerned that your state and the FCT may have failed to efficiently manage your debt obligations, especially your external debt and investment obligations, as guaranteed by the Federal Government,” the statement read. SERAP warned that failure to manage these obligations could lead to significant financial risks for Nigeria, including the potential confiscation of Nigerian assets in foreign jurisdictions by multilateral and bilateral agencies if the terms of the loans are not met.
The group highlighted that many Nigerians continue to live without regular electricity supply, despite several external loans and investment obligations undertaken by the states and FCT. SERAP referenced a report from the National Bureau of Statistics (NBS), which revealed that over 133 million Nigerians are living in poverty, with women and children being the most affected.
SERAP has given the governors and the FCT Minister a seven-day ultimatum to comply with their request, warning that they may pursue legal action to compel compliance if their demands are not met.
The organisation stressed the need for full disclosure of the spending details related to the Chinese loans, including project locations, implementation statuses, and completion reports.
In this call for transparency, SERAP seeks to ensure that public funds, especially those from external borrowings, are managed effectively and in the public interest.
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