The Socio-Economic Rights and Accountability Project (SERAP) has called on all 36 state governors and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to disclose comprehensive details regarding any Chinese loans, liabilities, and other external borrowings obtained and guaranteed by the Federal Government. SERAP also requested information on debt restructuring, loan terms and conditions, collateral provisions, and investment agreements with Chinese entities.
In a statement released on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the organization expressed concerns over the efficient management of these debts, warning of potential financial risks and exposure to Nigeria, including the possibility of asset confiscation in foreign jurisdictions due to defaults. SERAP issued a seven-day ultimatum for the disclosure of this information, threatening legal action if the states and FCT fail to comply.
SERAP emphasized that despite significant borrowing, many Nigerians continue to lack essential services, such as regular electricity supply, raising concerns about the management and utilization of these funds.
