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SERAP writes Buhari, demands details of foreign loans since 2015

Just days after President Muhammadu Buhari wrote to the National Assembly for approval on plans to borrow a fresh $5.513bn loan, he has been asked to give details on borrowings by his administration.

The demand was made by the Socio-Economic Rights Accountability Projects (SERAP).

According to SERAP, it filed a Freedom of Information (FoI) request on Saturday, May 30, calling for details of all the foreign loans that the Buhari administration has taken since its inception on May 29, 2015.

President Buhari solicited for approval on a $5.5 billion loan to finance the revised 2020 appropriation bill in a way that will enable the accommodation of some priority projects.

The information of the loan was contained in a letter directed to the House of Representatives by the president on Thursday, May 28.

According to the president, the funds will be used for the federal government’s priority projects and will also be channelled toward the fight against Covid-19 pandemic.

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