Politics Legal People

CBN Overdraft: SERAP Order FG To Provide Spending Details Of Loan

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Muhammadu Buhari to provide the spending details of the overdraft and loans obtained from the Central Bank of Nigeria by the Nigerian Government since 29th of May, 2015.

The body is also urging the President to provide details of spending overdraft and loans obtained by successive governments between 1999 and 2015.

The body stressed that accounting for the loans and CBN overdraft, would promote prudence in debt management and reduce the risk of corruption and mismanagement, as well as helping tge government to avoid pitfalls of unnecessary debts.

The body said they would be grateful, if the requested information is provided within seven days or legal actions would be taken.

The body revealed that the Federal Government had reportedly obtained $25bn from CBN as overdraft, and is planning to convert it to a long term debt.

They explained that this would add to the $20billion external debt, and N7 Trillions domestic debts on ground.


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Esther Ifeoluwa

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