SERAP seeks court order to stop FG from borrowing N895bn


Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court in Abuja to restrain and stop President Muhammadu Buhari and the Federal Government from borrowing an estimated N895bn under the guise of ‘the Finance Act, 2020.

The suit followed a recent move by the Federal Government to take over and borrow unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country. But the same legislation explicitly excludes dormant official bank accounts by all branches of government and their agencies.

In the suit filed last Friday, SERAP is seeking: “an order of perpetual injunction restraining and stopping President Buhari from demanding, taking over, borrowing, and collecting Nigerians’ money in the form of their unclaimed dividends and funds in dormant accounts or transferring and moving the money into a trust fund known as ‘Unclaimed Funds Trust Fund’”.

SERAP is arguing that the Federal Government should not be allowed to borrow the money saying it would negatively affect the right of Nigerians to an adequate standard of living, and access to clean water, quality healthcare, and education.