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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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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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JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.
In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.
The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.
According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”
Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.
“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.
Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.
“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.
Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.
He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.
The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.
“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.
Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.
“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.
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Fubara Reaffirms Commitment To Peace, Development
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed the unwavering commitment of his administration to peace, unity, security, and inclusive development as Rivers State marked its 59th anniversary, last Wednesday.
In a goodwill message issued on Wednesday to commemorate the anniversary, Governor Fubara stated that despite the challenges faced over the years, the people of Rivers State have continued to demonstrate resilience, strength, and an enduring spirit of unity that has sustained the state since its creation.
The Governor noted that the strong bond of brotherhood among the various ethnic nationalities of the state, including the Ijaw, Ikwerre, Ogoni, Etche, Ekpeye, Andoni, Kalabari, and others, remains one of Rivers State’s greatest strengths and a critical foundation for peace, stability, and progress.
He further observed that Rivers State has remained a major driver of Nigeria’s economy for decades, not only because of its abundant oil and gas resources, but also because of the exceptional contributions of its people across diverse sectors including academia, jurisprudence, business, entertainment, public service, and sports.
Governor Fubara assured the people that his administration will continue to prioritize policies and programmes that promote peace, protect lives and property, and expand development across all parts of the state. He emphasized that governance must be people centered and impactful, with equal attention given to every Local Government Area of the state.
The Governor also paid tribute to the elders and founding leaders of the state for preserving the spirit of unity and coexistence over the years, while urging the youths to remain hopeful, responsible, and actively committed to building a greater Rivers State through innovation, hard work, and patriotism.
He equally acknowledged the invaluable role of women in strengthening families, communities, and society, describing them as indispensable partners in the continued growth and stability of the state.
Governor Fubara called on all Rivers people to use the occasion of the anniversary as a moment of reflection and renewed commitment to peaceful coexistence, mutual respect, dialogue, and collective progress, stressing that the unity and future of Rivers State must always rise above personal interests and political differences.
Rivers State was created on May 27, 1967, by General Yakubu Gowon.
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