Nigerian Governors Must Reveal Terms of Chinese Loans, Says SERAP
Nigerian Governors Urged for Transparency on Chinese Loans
The Socio-Economic Rights and Accountability Project (SERAP) has made a significant appeal to Nigeria's 36 state governors and the Minister of Abuja, Nyesom Wike. The organization insists on a full disclosure of details regarding any Chinese loans, liabilities, and other external debts that have been incurred or are guaranteed by the Federal Government of Nigeria.
Demands for Disclosure
- Terms and Conditions of Borrowing
- Provisions on Collateral
- Repayment Obligations and Interest Rates
SERAP emphasizes the importance of clarity regarding the repayments associated with these loans, including interest rates, defaults, and any debt restructurings. Additionally, they stress the need to reveal investment agreements with Chinese companies as well as repayment histories linked to these loans.
Call for Accountability
A letter dated August 24, 2024, signed by SERAP’s deputy director, Kolawole Oluwadare, underscores the organization's commitment to public accountability. This initiative aims to ensure that Nigerian governors uphold transparency regarding foreign borrowing and its implications for the Nigerian economy.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.