The Socio-Economic Rights and Accountability Project (SERAP) has taken a significant step by demanding transparency from state governors and the Minister of Federal Capital Territory, Nyesom Wike, regarding Chinese loans and other external borrowings. SERAP’s request for detailed information about these financial arrangements is rooted in concerns over debt management and potential risks to Nigeria’s assets.
SERAP’s demands include:
- Disclosure of Loan Details: Information about Chinese loans, including repayment obligations, interest rates, and terms of borrowing. This also covers any defaults, debt restructuring, and exposure to other creditors.
- Investment Agreements: Clarification on any investment agreements with Chinese companies and the repayment histories of loans guaranteed by the Federal Government.
- Financial Management: An inquiry into whether these loans and liabilities have been used according to their intended purposes and whether they adhere to the conditions guaranteed by the Federal Government.
- Risks and Safeguards: Addressing potential financial risks and exposure to asset confiscation in foreign jurisdictions if obligations are not met.
SERAP’s call for transparency is aimed at ensuring that borrowing practices are managed effectively and align with both national and international standards. This move underscores the importance of accountability in managing external debt and safeguarding Nigeria’s financial interests.
