\n\n

SERAP is also seeking \u201can order directing and compelling the Federal Government to publish details of spending of the loans obtained by governments since 1999 including the list of projects and locations of any such projects on which these loans have been spent.\u201d\n

In the the suit filed by SERAP and behalf of concerned Nigerians, the organization contends that, \u201cPersistent and unsustainable borrowing by the federal and state governments and the crippling debt burden undermine the rights of Nigerians to economic and social development, and are antithetical to the public interest.\u201d\n

SERAP is arguing that, \u201cThe crippling debt burden is a human rights issue within the jurisdiction of the ECOWAS Court because when the entire country is burdened by unsustainable debts, there will be little money left to ensure access of poor and vulnerable Nigerians to legally enforceable socio-economic rights.\u201d\n

SERAP is also arguing that, \u201cThere is lack of transparency and accountability in the spending of the loans so far obtained, and opacity around the terms and conditions in loan agreements, including repayment details for these loans. The details of the projects on which the loans are spent are shrouded in secrecy.\u201d\n

SERAP is also seeking \u201can order directing and compelling the Federal Government to conduct assessment of the borrowing by governments since 1999 to address the dire consequences of unsustainable debts on people and communities and to ensure that borrowing at all levels of government considers the human rights impacts.\u201d\n

In the suit filed by SERAP lawyers Kolawole Oluwadare and Opeyemi Owolabi, the organization contends that, \u201cLong-term unsustainable debt can be a barrier to the government\u2019s ability to mobilize resources for human rights, and may lead to taxes and user fees that impact negatively on vulnerable and marginalized Nigerians.\u201d\n

The suit, read in part: \u201cIf not addressed, the escalating borrowing and looming debt crisis would cripple the ability of both the Federal Government and the 36 states to deliver ensure basic socio-economic rights, such as quality healthcare, education, and clean water of the most vulnerable and marginalized sectors of the population.\u201d\n

\u201cWithout a moratorium on borrowing, the Federal Government and many of the 36 states may be caught in a process driven mostly by creditors\u2019 needs. This will result in an exorbitant social cost for the marginalized and vulnerable sectors of the population.\u201d\n

\u201cThe ability of the Nigerian government to ensure human rights is inextricably related to the ability to spend needed resources. Growing debt burdens and debt repayment difficulties will have negative impacts on the ability of the Defendant to fulfill the basic socio-economic rights of poor and vulnerable Nigerians.\u201d\n

\u201cSustainable debt management by the Federal Government and state governments will contribute to mobilizing resources for human rights and essential public services, and promote a culture of responsible borrowing.\u201d\n

\u201cThe Federal Government and many of the 36 states would seem to be in debt distress or at high risk of debt distress. According to reports, the Senate and House of Representatives recently approved the loans of $5,803,364,553.50 and a grant component of $10m under the 2018-2020 External Borrowing (Rolling) Plan of the Federal Government.\u201d\n

\u201cThis followed previous approvals by the National Assembly of $16.2 (16,230,077,718) billion loan; \u20ac1 (1,020,000,000) million and a grant component of $125 million loan; $36.8 billion, \u20ac910 million loans, and a grant component of $10 million; $8.3 billion and \u20ac490 million loans; $6.1 billion, $1.5 billion and 995 million loans; and $4(4,054,476,863), \u20ac710 million and grant component of $125 million.\u201d\n

\u201cSeveral of the 36 states are also facing a debt crisis, and vicious debt cycles. According to the Debt Management Office, the foreign debt stock of the Federal Government, 36 state governments and the Federal Capital Territory presently stands at $37.9bn.\u201d\n

\u201cThe loans from China alone amount to $3.59bn. According to the UN Independent Expert on foreign debt and human rights, Nigeria faces debt service relative to tax revenues that exceed 20 per cent, with escalating social tensions linked to poverty and inequality.\u201d\n

\u201cAccording to the World Bank\u2019s IDA FY21 Report, with debt exposure of $11.7 Billion US Dollars, Nigeria ranked fifth among the top 10 countries with highest debt risk exposure. The top four countries are India with $22 billion, Bangladesh ($18.1 Billion), Pakistan ($16.4 Billion), and Vietnam ($14.1 Billion).\u201d\n

\u201cWhile it is critical for the Federal Government and state governments to have adequate resources to fund their budgets, it is equally critical for governments to give consideration to the human rights impact of borrowing. Persistent borrowing is inconsistent with the country\u2019s human rights obligations.\u201d\n

SERAP is also asking the ECOWAS Court for the following reliefs:\n

\n
1. A DECLARATION that the failure of the Defendant to halt the persistent and unsustainable borrowing amounts to a breach of the Plaintiff\u2019s and other Nigerians\u2019 rights to the enjoyment of socio-economic rights, and development, as guaranteed under articles 2, 9, 11, 12 and 13 of the International Covenant on Economic, Social and Cultural Rights, and articles 2, 15, 16, 17, 22 and 24 of the African Charter on Human and Peoples\u2019 Righ.\n
2. A DECLARATION that the failure of the Defendant to halt the persistent and unsustainable borrowing amounts to a fundamental breach of Nigeria\u2019s human rights obligations under the International Covenant on Economic, Social and Cultural Rights, and the African Charter on Human and Peoples\u2019 Rights.\n
3. AN ORDER directing and compelling the Defendant to adopt and ensure effective measures to address transparency and accountability gaps in spending of loans, and the systemic and widespread corruption in ministries, departments and agencies, as documented by the Office of the Auditor-General of the Federation, including in the 2019 Audited Report.\n
4. AN ORDER OF PERPETUAL INJUNCTION restraining the Defendant and its agents from embarking on unsustainable borrowing until the human rights impact assessment of the previous borrowing is conducted and recommendations fully implemented.\n
5. SUCH FURTHER orders the Honorable Court may deem fit to make in the circumstances of this suit.\n\n

   No date has been fixed for the hearing of the suit.\n

   Source:- Signalng\n\n","protected":false},"excerpt":{"rendered":"

   Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the government of President Muhammadu Buhari over \u201csecrecy in the spending of loans so far obtained, the unsustainable level of borrowing by the government and the 36 states, debt crisis, and the disproportionately negative impact of these retrogressive measures on poor Nigerians.\u201d In the […]\n","protected":false},"author":1,"featured_media":53310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[8],"tags":[],"gutentor_comment":0,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/naijatoox.com\/wp-content\/uploads\/2022\/01\/14869168_buhari111050x590335x188_jpeg_jpegf7315acb4e73ecd3e047759c1079e009.jpeg?fit=336%2C188&ssl=1","jetpack-related-posts":[{"id":2611,"url":"https:\/\/naijatoox.com\/serap-asks-court-to-slash-jumbo-allowances-for-buhari-govs-nass-members\/","url_meta":{"origin":53309,"position":0},"title":"SERAP Asks Court To Slash Jumbo Allowances For Buhari, Govs, NASS Members","date":"July 12, 2021","format":false,"excerpt":"NEWS Socio-Economic Rights and Accountability Project (SERAP) has asked the Federal High Court in Abuja \u201cto order the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) and the National Salaries, Incomes and Wages Commission (NSIWC) to perform their statutory functions to review downward the remuneration and allowances of President Muhammadu Buhari,\u2026","rel":"","context":"In "NEWS"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/naijatoox.com\/wp-content\/uploads\/2021\/07\/13836153_images20210711t091954_285_jpeg_jpega6ed4000e2dd2c2fa5a8dfd04fa0c7b3.jpeg?fit=725%2C423&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":15272,"url":"https:\/\/naijatoox.com\/fg-to-borrow-%e2%82%a625-5-billion-to-provide-solar-power-for-national-assembly\/","url_meta":{"origin":53309,"position":1},"title":"FG To Borrow \u20a625.5 Billion To Provide Solar Power For National Assembly","date":"November 12, 2021","format":false,"excerpt":"The federal government is to borrow N25.5bn ($62.1m) to construct 17MW hybrid solar power infrastructure for the National Assembly. \u00a0 The loan is part of the President Muhammadu Buhari\u2019s N7.6trn external borrowing request approved by the Senate Wednesday. 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