Nigerian President, Muhammadu Buhari has been taken to an Abuja Federal High Court to give full account of the $25 billion loans obtained from the Central Bank of Nigeria (CBN) since May 29, 2015.
A suit which was filed by the Socio-Economic Rights and Accountability Project (SERAP) also prayed the court to compel Buhari to explain the projects on which the loans have been spent on and repayments of all overdrafts to date.
”The group also seeks an order to compel the president to “explain and clarify whether the $25bn or N9.7T overdraft reportedly obtained from the CBN is within the five-percent limit of the actual revenue of the government for 2020.
SERAP Explained.
“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.”
