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$5.8bn Loan: SERAP Petitions Buhari
Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “issue an immediate moratorium on borrowing by the Federal Government and the 36 states to address a systemic debt crisis, prevent retrogressive economic measures, and the disproportionately negative impact of unsustainable debt on the poor Nigerians.”
The request followed the recent approval by the National Assembly of Buhari’s request for a $5.8billion loan and grant of $10billion.
Previous approvals in 2021 alone include $8.3billion; €490million, and $6.1billion.
The foreign debt stock of the Federal Government, 36 states, and Federal Capital Territory reportedly stands at $37.9billion.
In an open letter dated December 18, 2021, and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said: “A moratorium on borrowing would create a temporary debt standstill, and free up fiscal space for investment in Nigerians’ needs, as well as ensure sustainable economic and social recovery from the COVID-19 pandemic.”
SERAP said, “Without a moratorium on borrowing, your government and many of the 36 states may be caught in a process driven mostly by creditors’ needs. This will result in an exorbitant social cost for the marginalised and vulnerable sectors of the population.”
According to SERAP, “Long-term unsustainable debt can be a barrier to the government’s ability to mobilise resources for human rights, and may lead to taxes and user fees that impact negatively on vulnerable and marginalised Nigerians.”
The letter, read in part: “SERAP is concerned about the lack of transparency and accountability in the spending of the loans so far obtained, and opacity around the terms and conditions, including repayment details of these loans.
“While the National Assembly has asked for these details in future loan requests, it ought to have seen and assessed the terms and conditions of these loans before approving them, in line with its oversight responsibility under the Nigerian Constitution of 1999 (as amended).
“If not urgently addressed, the escalating borrowing and looming debt crisis would cripple the ability of both the Federal Government and the 36 states to deliver essential public services such as quality healthcare, education, and clean water to the most vulnerable and marginalised sectors of the population.
“SERAP notes that governments’ ability to protect human rights is inextricably related to the ability to spend needed resources. Growing debt burdens and debt repayment difficulties will have negative impacts on the ability of your government and many of the 36 states to fulfill the basic socio-economic rights of poor and vulnerable Nigerians.
“Sustainable debt management by the Federal Government and state governments will contribute to mobilising resources for human rights and essential public services, and promote a culture of responsible borrowing.
“The Federal Government and many of the 36 states would seem to be in debt distress or at high risk of debt distress. According to reports, the Senate and House of Representatives recently approved the loans of $5,803,364,553.50 and a grant component of $10million under the 2018-2020 External Borrowing (Rolling) Plan of the Federal Government.
“This followed previous approvals this year by the National Assembly of $16.2billion ($16,230,077,718) loan; €1million (€1,020,000,000) loan; and a grant component of $125million loan; $36.8billion, €910million loans, and a grant component of $10million; $8.3billion and €490million loans; $6.1billion, $1.5billion and $995million loans; and $4million ($4,054,476,863), €710million and grant component of $125million.
“Several of the 36 states are also facing a debt crisis, and vicious debt cycles. According to the Debt Management Office, the foreign debt stock of the Federal Government, 36 state governments and the Federal Capital Territory presently stands at $37.9billion.
“The loans from China alone amount to $3.59billion. According to the UN Independent Expert on foreign debt and human rights, Nigeria faces debt service relative to tax revenues that exceed 20per cent, with escalating social tensions linked to poverty and inequality.
“The growing level of borrowing by your government and the 36 states is clearly a human rights issue because when the entire country is burdened by unsustainable debts, there will be little money left to ensure access of poor and vulnerable Nigerians to basic public services.
“While it is critical for the Federal Government and state governments to have sufficient resources to fund their budgets, it is equally critical for governments to substantially cut the cost of governance. Persistent borrowing is neither sustainable nor fair to the Nigerian people.
“SERAP urges you to conduct a human rights assessment of the borrowing by governments since 1999 to address the dire consequences of unsustainable debts on people and communities across the country, and to ensure that borrowing at all levels of government considers the human rights impacts.
“Any such assessment should be conducted in harmony with existing safeguards and mechanisms in order to contribute to informed decision-making and to complement findings from a human rights perspective.
“A human rights impact analysis should serve to ascertain the debts that can be repaid, and the resources necessary to ensure compliance with the obligation of using the maximum available resources for the protection and fulfilment of human rights.
“As the Committee on Economic, Social and Cultural Rights has noted, states parties including Nigeria are under an obligation to devote their maximum available resources to the full realisation of all economic and social rights, including the rights to health, education and water.
“SERAP also urges you to adopt effective measures to address transparency and accountability gaps in spending of loans, and the systemic and widespread corruption in ministries, departments and agencies, as documented by the Office of the Auditor-General of the Federation.
“We would, therefore, be grateful if the recommended measures are taken 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 and the 36 states to comply with our requests.”
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We’ll Be Intentional In Our Support To Improve NYSC Scheme -Fubara
Rivers State, Sir Siminalayi Fubara, has assured members of the National Youth Service Corps (NYSC) of his administration’s commitment to supporting and strengthening the scheme in the State.
Fubara gave the assurance last Friday at the NYSC permanent orientation camp, Nonwa-Gbam, Tai Local Government Area in the State, during the swearing-in ceremony of 2026 Batch B Stream II orientation course.
Represented by the Permanent Secretary, Cabinet Bureau, Office of the Secretary to the State Government, Dr. Promise Oguzie, the governor said the State Government would remain intentional in providing the necessary support to improve the NYSC scheme and enhance the experiences of corps members deployed to the state.
He charged the corps members to be role models and quality nation-builders in their service to the good people of Rivers State in particular, and Nigeria at large.
“I charge you to be exemplary, dedicated and committed in all you do. Take full advantage of all the camp programmes and activities to enrich yourselves”, he said.
In his welcome address, the State Coordinator of NYSC in Rivers State, Mr. Moses Oleghe, urged corps members to see their deployment to Rivers State as a “veritable opportunity to make meaningful contribution to the growth of the State in particular and Nigeria at large.”
He further charged them to serve with all sense of “integrity, discipline, and the fear of God, especially when they will be engaged as INEC ad-hoc staff that will conduct the 2027 general elections.”
A total of 3,584 corps members composed of 1,421 males and 2,163 females were sworn in by the Chief Judge of Rivers State, who was represented by Justice Godspower Aguma.
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Fubara: Nigeria Needs God-fearing Leaders To Make Progress …Applauds Seventh Day Adventist
Governor of Rivers State, Sir Siminalayi Fubara, says Nigeria needs God-fearing leaders for the nation to move in the right direction and make meaningful progress.
The Governor stated this yesterday when he received in audience, the World President of the Seventh Day Adventist Church, Pastor Erton Kohler; his wife, Andriene Marques Kohler; daughter Mariana Marques Kohler and a retinue of ministers of the church at Government House, Port Harcourt.
Fubara who hailed the Seventh Day Adventist Church for its contributions to education and the grooming of future leaders in Nigeria, expressed delight that the Church had over the years, been investing in education at various levels and currently runs two universities in the country.
He commended the church for not only using its institutions to spread the gospel of Christianity but to groom future leaders for the country.
According to him, religion should not be just about defending one’s faith, but also making meaningful impact on the lives of the people.
He said that by floating these educational institutions, the church has demonstrated capacity to support Nigeria in the task of producing not only educated people but a breed of God-fearing leaders.
“Our country is where it is today because we lack the fear of God. If you have the fear of God, there should be a limit to what you can do because you understand the supremacy of God. But when God is not in your equation, you’ll go beyond the line and that is what has brought us to where we are today.
“So, I feel very happy that you are contributing to the development of our future leaders in this country. We need the right people being in the right place; prepared properly with good minds; that is what we need, not just in Nigeria but round the whole world.,” he said.
Governor Fubara further observed that the absence of God-fearing people in high places to take the right decisions that could impact positively on the society, has also given rise to other problems such as social inequality, poverty, corruption and criminality. According to him, Nigeria needs a system where the average parent could afford quality education for their children and a guarantee that upon graduation, the average child will have the capacity to compete favourably with anybody, anywhere in the world.
“If we have a situation where the little money that you’re being paid as wage can also afford you quality healthcare and after working at least for 15-20 years, you have a roof over your head, tell me why you should be involved in any kind of crime? At that point, you’ll feel secured and this attitude of insecurity about the future that leads to all the social vices we have today won’t be there,” he said.
Governor Fubara expressed appreciation to the delegation for the visit and for their prayers for Rivers State, assuring them of his continued support for their programmes in the state.
Leader of the delegation and World President of the Seventh Day Adventist Church, Pastor Erton Kohler said he was in Nigeria for a special conference of the church during which thousands of the church’s ministers will be undergoing an empowerment programme to further equip them for the task of herding their flocks and serving the society.
He expressed gratitude to the Governor for the warm reception accorded his entourage, saying the memory of the visit will linger in his mind for a lifetime.
Kohler disclosed that the Church has over twenty -four million (24,000,000) members and more than 182,000 places of worship, spread across 212 countries of the world.
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Rivers Assembly Approves Fubara’s 2026–2028 MTEF
The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.
This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.
The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.
Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.
Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.
He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.
The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.
During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.
The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.
Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.
Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.
The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.
According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.
Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.
The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.
King Onunwor
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