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7 Mar, 5 tweets, 2 min read
BREAKING: $25bn CBN overdraft: We’ve urged President Buhari to provide spending details of the overdrafts and loans obtained from @cenbank by @NigeriaGov since May 29 2015-the total overdrafts, list of projects, repayments and clarify if the $25bn meets 5% limit of actual revenue
SERAP is also urging him to provide details of spending of overdrafts and loans obtained from the CBN by successive governments between 1999 and 2015.
The FoI sent yesterday, read in part: "Ensuring transparency and accountability in the spending of CBN overdrafts and loans would promote prudence in debt management, reduce any risks of corruption and mismanagement and help the government to avoid the pitfalls of excessive debt.
We would be grateful if the requested information is provided to us within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request.
The Federal Government has reportedly obtained $25 billion from the CBN as overdrafts. The government has also reportedly decided to convert the overdrafts to long-term debt. This is in addition to reported over $20 billion external debt, and N7 trillion domestic debt.”

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More from @SERAPNigeria

SERAP Profile picture
9 Mar
BREAKING: We urge @NigeriaGov to urgently clarify why the £4.2m Ibori loot would be used for the construction of Lagos—Ibadan Expressway and the Second Niger Bridge, despite telling SERAP last year that the Abacha loot of over $600m was earmarked for the same projects.
In response to our FoI, @NigeriaGov had in March 2020 told SERAP that the $322m Abacha loot recovered from Switzerland and the $308m recovered from the Island of Jersey would be “used for the construction of Lagos-Ibadan Expressway; Abuja-Kano Expressway and Second Niger Bridge.”
However, following the signing of an MoU today to return £4.2m assets stolen by former Delta State Governor, James Ibori to Nigeria, @NigeriaGov again stated that it would use the money to "construct the second Niger Bridge, Abuja-Kano road, and Lagos-Ibadan Express road."
Read 10 tweets
SERAP Profile picture
8 Mar
BREAKING: In response to our request for details of spending of funds approved for electricity projects in Nigeria between 1999 and 2020 and the names of officials involved, the World Bank has asked for more time to provide SERAP with "more comprehensive response."
The letter, just received from the World Bank, read in part: “In response to your request under S2102-1589, we would like to inform you that we are still considering your request and need additional time to provide you with a more comprehensive response.
In most cases, we will be able to respond within twenty (20) working days from receipt of a request for information. However, we may need additional time in special circumstances, for example, if the request is complex or voluminous."
Read 4 tweets
SERAP Profile picture
7 Mar
SERAP has urged President @MBuhari to provide spending details of the overdrafts and loans obtained from @cenbank by @NigeriaGov since May 29, 2015 including the total overdrafts, the projects on which the overdrafts have been spent; repayment of all overdrafts to date...
.as well as to clarify whether the $25bn (N9.7trn) overdraft reportedly obtained from the CBN is within the five-percent limit of the actual revenue of the government for 2020
We are also urging him to provide details of spending of overdrafts and loans obtained from the CBN by successive governments between 1999 and 2015.
Read 26 tweets
SERAP Profile picture
7 Feb
BREAKING: $500m: We've asked @WorldBank to publish archival records and documents on spending on approved funds to improve access to electricity in Nigeria b/w 1999-2020, the Bank’s role in the execution of any funded electricity projects, and list of Nigerian officials involved.
The application under the Bank's Access to Information Policy was sent yesterday to its president, Mr David Malpass.

The Bank last week approved $500m to boost access to electricity in Nigeria and improve the performance of the electricity distribution companies in the country.
The application, read in part: "The Bank should explain the rationale for approving $500m for electricity despite reports of widespread and systemic corruption in the sector, and the failure of the authorities to enforce a court judgment on payments to corrupt power contractors.
Read 6 tweets
SERAP Profile picture
5 Feb
ECOWAS Court of Justice, Abuja has this morning heard arguments in the case brought by SERAP against the @NigeriaGov seeking justice and accountability for the authorities’ failure to prevent, account for and investigate killings, raping, maiming of Nigerians..
... and other residents, and destruction of property across the country by herdsmen and other unknown perpetrators
The Court adjourned the suit to 22 April, 2021 for judgment after hearing arguments from Solicitor to SERAP, Femi Falana SAN, and the government lawyer Mr Adedayo Ogundele.
Read 34 tweets
SERAP Profile picture
31 Jan
BREAKING: We've asked @DrAhmadLawan @femigbaja
to urgently probe and refer to appropriate anti-corruption agencies allegations that N4.4bn of public money budgeted for @nassnigeria is missing, misappropriated, diverted or stolen, as documented in 3 reports by the auditor-general
The letter sent yesterday, read in part: "By exercising strong and effective leadership in this matter, @nassnigeria can show Nigerians that the legislative body is a proper & accountable watchdog that represents & protects the public interest & can hold itself and FG to account.
If not satisfactorily addressed, these allegations would undermine public confidence in the ability of the National Assembly to exercise its constitutional and oversight responsibilities to ensure transparency and accountability in the management of public resources.
Read 6 tweets

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