SERAP drags President Muhammadu Buhari to court over CBN loans

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SERAP

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit, asking the court to compel President Muhammadu Buhari to disclose spending details of the overdrafts and loans obtained from the Central Bank of Nigeria (CBN) since May 29, 2015, including the projects on which the overdrafts have been spent, and repayments of all overdrafts to date.

SERAP is also seeking an order to compel the president to explain and clarify whether the $25bn (N9.7trn) overdraft reportedly obtained from the CBN is within the five-percent limit of the actual revenue of the government for 2020.

The suit followed SERAP’s Freedom of Information (FoI) request to President Buhari, stating that disclosing details of overdrafts and repayments would enable Nigerians to hold the government to account for its fiscal management and ensure that public funds are not mismanaged or diverted.