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SERAP Urges Govs, Wike To Show Details Of Chinese Loans

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The Socio-Economic Rights and Accountability Project (SERAP) has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory (FCT), Abuja, Nyesom Wike to make public details of Chinese loans, liabilities, and other external borrowing obtained.

The demand, according to letters to the parties, covers loans by the sub-nationals, guaranteed by the Federal Government and the SERAP also wants to know the terms and conditions for any such borrowing including the provisions on collateral, according to a statement.

ALSO READ: SERAP Threatens Akpabio, Abbas With Legal Action Over Legislators’ Jumbo Pay

The SERAP urged them to “provide details of the repayment obligations regarding any Chinese loans, liabilities and other external borrowing obtained and guaranteed by the Federal Government, the interest rates on the loans, and any defaults, debt restructurings, and debt exposure to China and other creditors.”

In addition, the SERAP also urged them to “clarify any investment agreements with Chinese companies and repayment histories of any loans, liabilities and facilities obtained from China and other external creditors and guaranteed by the Federal Government.”

In the letters, signed by its deputy director Kolawole Oluwadare, the SERAP wrote, “We are concerned that your state and the FCT may have failed to efficiently manage your debt obligations, especially your external debt and investment obligations, as guaranteed by the Federal Government.

“The failure to uphold your obligations is contrary to Section 6 of the Debt Management Office Establishment (Etc), Act, and creates financial risks and other exposure to Nigeria with respect to these Chinese loans, liabilities and other external borrowing.

“These Chinese loans, liabilities and other external borrowing by your state and the FCT may not have been used for the purposes for which they have been obtained and terms and conditions guaranteed by the Federal Government.”

The SERAP declared that, the “SERAP is concerned that there is a significant risk of defaults of the Chinese loans, liabilities, and other external borrowing by your state and the FCT, which are guaranteed by the Federal Government.

“There are also significant risks of confiscation of Nigerian assets in foreign jurisdictions by multilateral and bilateral agencies and other creditors in cases of failure by your state and the FCT to satisfactorily observe and fulfil the terms and conditions of the Chinese loans, liabilities and other external borrowing which are guaranteed by the Federal Government.

“The apparent inadequacy of safeguards and accountability mechanisms for these Chinese loans, liabilities and other external borrowing may also expose Nigeria’s assets in foreign jurisdictions to confiscation.

“Your state and the FCT have a shared obligation to ensure that the spending and repayment plans of Chinese loans, liabilities, facilities and other external borrowing are consistent with the provisions of national and international standards, and to prevent or mitigate risks of confiscation of Nigerian assets abroad.

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government and the FCT to comply with our request in the public interest.

“Despite several external loans, liabilities, investment obligations and external borrowing obtained by your state and the FCT, which are guaranteed by the Federal Government over many years, millions of Nigerians in your state and the FCT continue to lack access to regular electricity supply and have been denied the benefit of renewable energy solutions.

“A recent report by the National Bureau of Statistics (NBS) revealed that over 133 million Nigerians are living in different categories of poverty, the majority of them women and children.

“SERAP is seriously concerned that many of the country’s 36 states and FCT are allegedly mismanaging public funds which may include Chinese loans, liabilities and other external borrowing obtained from bilateral and multilateral institutions and agencies and guaranteed by the Federal Government.

“We urge you to disclose the spending details of these Chinese loans, investment obligations and external borrowing, including details of and locations of projects as well as the implementation status and completion reports, if any, on the projects.

“According to Nigeria’s Debt Management Office, the total external debt for Ogun State is N168,833,006.66 as at December 31, 2023. The total public debt portfolio for the country’s 36 states and the Federal Capital Territory is N9.17 trillion.

“Nigeria’s total public debt stock, including external and domestic debts, increased by ₦24.33 trillion in three months alone, from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion) as of March 31, 2024. The debt represents external and domestic loans obtained by the Federal Government, the 36 state governments and the FCT.

“SERAP notes that the World Bank has approved several loans and other funding facilities to the country’s 36 states including the recent $750 million credit line meant to the states to carry out reforms to attract investment and create jobs.

“The World Bank on 15 December 2020 approved a $1.5 billion loan for Nigeria’s 36 states and the FCT for social protection and strengthened state-level COVID-19 response. The loan aims to help the states build a resilient recovery post-COVID19 and to reduce poverty.

“SERAP is concerned that the Chinese loans and other external borrowing obtained by your state and guaranteed by the Federal Government are vulnerable to corruption and mismanagement.

“Publishing details of the Chinese loans, liabilities, investment obligations and other external borrowing obtained by your state and the FCT which are guaranteed by the Federal Government would allow Nigerians to scrutinise them.

“Section 39(1) of the Nigerian Constitution 1999 [as amended], section 44 of the Fiscal Responsibility Act and article 9 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party impose legal obligations on your state and the FCT to disclose the details sought.

“Section 41 of the Fiscal Responsibility Act provides: ‘1) The framework for debt management during the financial year shall be based on the following rules: a. Government at all tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with low interest rate and with a reasonable long amortization period subject.’

“Section 44 of the Fiscal Responsibility Act provides: ‘1) Any Government in the Federation or its agencies and corporations desirous of borrowing shall, specify the purpose for which the borrowing is intended and present a cost-benefit analysis, detailing the economic and social benefits of the purpose to which the intended borrowing is to be applied.’

“According to section 21(1)(2) of the Debt Management Office Establishment (Etc), Act, ‘No external loan shall be approved or obtained by the Minister unless its terms and conditions shall have been laid before the National Assembly and approved by, its resolution. (2) The Federal and State Government or any of their agencies shall not obtain any external loan except with a guarantee issued by the Minister.’”

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Politics

2027: ADC Chieftain Warns Kenneth Okonkwo Against ‘Insulting’ Remarks on Amaechi

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Labour Party's Spokesperson, Kenneth Okonkwo Reacts To Assassination of Party's Women Leader In Kaduna

A chieftain of the African Democratic Congress (ADC), Chief Eze Chukwuemeka Eze, has cautioned Barrister Kenneth Okonkwo against making comments capable of undermining former Minister of Transportation, Rotimi Amaechi, warning that such remarks could threaten the party’s unity ahead of the 2027 general elections.

Eze was reacting to recent remarks by Okonkwo, who reportedly suggested that former Vice President Atiku Abubakar had no alternative but to accept Amaechi as his running mate.

SEE ALSO: 2027 Race: Rivers ADC Unveils David Okumgba as Deputy Gov Candidate

He described the statement as “unfortunate, insulting and counterproductive,” saying it could negatively affect public perception of both Atiku and Amaechi.

According to Eze, Atiku’s long political career demonstrates that he is fully capable of making independent decisions on critical political matters without being influenced or compelled.

“Anyone who has followed Atiku Abubakar’s political journey knows that he has a mind of his own and is fully capable of taking decisions on matters of this nature,” Eze said.

The ADC stalwart argued that portraying Amaechi as an imposed choice diminishes the former Rivers State governor’s political achievements and contributions to Nigeria’s democratic development.

He highlighted Amaechi’s political record, noting that he served as Speaker of the Rivers State House of Assembly, two-term governor of Rivers State, Minister of Transportation, and presidential aspirant, describing him as one of Nigeria’s most experienced political figures.

Eze also recalled that Amaechi emerged second to President Bola Tinubu during the 2023 All Progressives Congress (APC) presidential primary and later finished as runner-up to Atiku Abubakar in the ADC presidential primary.

According to him, Amaechi’s emergence as the party’s vice-presidential candidate should be seen as a strategic advantage rather than an imposition.

“Amaechi’s personality, political experience and national appeal add significant value to the ADC presidential ticket,” he stated.

The former publicity secretary of the defunct New Peoples Democratic Party (nPDP) further advised Okonkwo to improve his communication style by learning from individuals with proven expertise in political messaging.

Calling for unity within the opposition party, Eze urged ADC leaders, spokespersons and supporters to avoid comments capable of creating unnecessary controversy or weakening the party’s collective resolve ahead of the 2027 elections.

“Our focus should remain on building a united front. Internal disagreements should not distract us from our collective objective of providing Nigerians with a credible alternative,” he said.

He added: “As things stand, we have a common objective. We need unity of purpose and must avoid comments that could weaken our collective resolve. Responsible communication and party cohesion remain essential to the success of the ADC in the forthcoming elections.”

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Politics

2027: Adebayo Slams Tinubu-Shettima Ticket, Calls It a Political Scam

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The presidential candidate of the Social Democratic Party (SDP) for the 2027 general election, Prince Adewole Adebayo, has launched a fresh attack on the All Progressives Congress (APC), describing the Muslim-Muslim ticket of President Bola Tinubu and Vice President Kashim Shettima as a political strategy aimed at deceiving Nigerians.

Speaking during an interview on Arise Television’s Morning Show, Adebayo argued that the 2023 presidential ticket was built on religious sentiment rather than competence, insisting that Nigerians are now more interested in electing leaders who can deliver justice, good governance and economic prosperity.

SEE ALSO: Tinubu Approves N3.6bn ITF Programme to Empower 200,000 Artisans Nationwide

According to him, the APC’s same-faith ticket has failed to meet the expectations of many Nigerians, including those who supported it because of the candidates’ religious affiliation.

“There is nothing like the Muslim-Muslim ticket. Even when the contraption was brought up four years ago and I was in Kano, I was asked the same question while meeting with the Ulamas.

“I told them that if you are hoping for a Muslim-Muslim ticket in President Tinubu and Vice President Shettima, you will be lucky to even have a single Muslim out of the two.”

Adebayo maintained that leadership in Islam is defined by justice and competence, not by a leader’s religious identity, describing the Tinubu-Shettima administration as a “zero-zero ticket.”

“It turned out now that it’s not a Muslim-Muslim ticket. From the point of view of Muslims in Nigeria, it is a zero-zero ticket because in Islam, what is expected of a leader in Islamic jurisprudence is not the religion of that leader but justice.”

The SDP flagbearer added that Islamic teachings encourage the appointment of only qualified and capable individuals to positions of responsibility.

“The reason why Muslims get involved in politics is to have a just society, and there are guidelines in Islamic jurisprudence regarding politics. In Islam, it is expected that if you are a good Muslim, you do not give public office or responsibility to anyone who is not fit for that.”

He further alleged that the Muslim-Muslim ticket was introduced to manipulate voters through religion instead of presenting credible leadership.

“The whole concept from the beginning was just to defraud the populace by using religious sentiment. What the North and all Nigerians are looking for is a righteous leader, no matter the person.”

Adebayo also criticised the current administration over the country’s socio-economic challenges, arguing that the religious composition of the presidency has not translated into justice or improved living conditions.

He referenced former Kaduna State Governor Nasir El-Rufai, saying even one of the prominent advocates of the Muslim-Muslim ticket has recently been seeking justice.

“So when you say you are looking for a Muslim-Muslim ticket and there is no justice anywhere, even one of the proponents, El-Rufai, who was celebrating it, he and his family are now crying for justice. That is the biggest irony you can have.”

He concluded that Nigerians ahead of the 2027 general election are more concerned about competent leadership, fairness and better governance than the religious background of presidential candidates.

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Controversy Trails Gov Nwifuru’s Convoy Clash as PDP Calls for Probe

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The Ebonyi State chapter of the Peoples Democratic Party (PDP) has called for a thorough investigation into an incident involving security personnel attached to the convoy of Governor Francis Nwifuru following the circulation of a viral video on social media.

The video purportedly shows a confrontation between members of the governor’s convoy and occupants of a civilian vehicle along the Centenary City–Chiboy Motors axis of the Afikpo-Abakaliki Road.

According to available information, the incident occurred after a Toyota Camry reportedly collided with a motorcycle rider attached to the governor’s convoy, leaving the rider injured. The ensuing confrontation allegedly resulted in damage to the civilian vehicle.

SEE MORE: Nwifuru Suspends Commissioners, Perm Sec, Exec Secs

Reacting to the development, the PDP’s State Publicity Secretary, Prince Darlington Peter Onwe, called on the Ebonyi State Police Command and the Department of State Services (DSS) to conduct a thorough investigation into the incident.

He urged security agencies to identify and interview those involved and determine the circumstances surrounding the confrontation.

The party also called on the Ebonyi State Government to provide clarification on the incident and disclose the identity and conduct of the security personnel involved.

In addition, the PDP urged relevant authorities to review the operational procedures and rules of engagement for security personnel attached to official convoys to ensure the safety of other road users.

Onwe said the party believes the public deserves a full account of what transpired and urged eyewitnesses and other persons with relevant information to cooperate with investigators.

Responding to the controversy, the Special Assistant to the Governor on New Media, Leo Ekene Oketa, said “the viral video captured only part of the incident and did not present the complete sequence of events.”

He appealed to the public “to refrain from drawing conclusions until all the facts have been established.”

Oketa explained that official convoys, like ambulances, fire service vehicles and other emergency responders, are required to move swiftly in the interest of public safety and national security.

He noted that motorists are expected to comply with lawful traffic directives issued by police officers and convoy personnel to ensure the safe movement of official convoys and prevent accidents.

According to him, “Governor Francis Nwifuru remains committed to professionalism, respect for the rule of law and the protection of lives.”

He added that the circumstances surrounding the incident were being reviewed and urged road users “to remain patient, obey lawful traffic instructions and cooperate with emergency and security personnel in the interest of public safety.”

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