By Emmanuel Kwada
The Socio-Economic Rights and Accountability Project (SERAP) has called on the 36 state governors and Minister of the Federal Capital Territory (FCT), Nyesom Wike, to disclose details of Chinese loans, liabilities, and external borrowing obtained and guaranteed by the Federal Government.
In a statement by its deputy director, Kolawole Oluwadare, SERAP expressed concern over the potential mismanagement of debt obligations, particularly external debt and investment obligations guaranteed by the Federal Government.
SERAP warned that failure to disclose this information may lead to legal action and emphasized the need for transparency to prevent risks of defaults, debt exposure
The group requested information on:
– Details of Chinese loans, liabilities, and external borrowing
– Terms and conditions, including collateral provisions
– Repayment obligations, interest rates, defaults, and debt restructuring
– Investment agreements with Chinese companies and repayment histories
– Spending details of loans, including project locations and implementation status
SERAP warned that failure to disclose this information may lead to legal action and emphasized the need for transparency to prevent risks of defaults, debt exposure, and confiscation of Nigerian assets abroad.
The organization expressed concern over the potential mismanagement of public funds, including Chinese loans, and the impact on millions of Nigerians living in poverty.
