SERAP Demands Details on Billions in State Loans and Spending
• SERAP gives governors of 36 states and Minister of FCT one week to provide details on N5.9tn loans and $4.6bn spending
• Requests include loan agreements, spending details, locations of projects executed
• Follows Kaduna governor's disclosure of inheriting $587m debt and N85bn from predecessor
• Many states allegedly mismanaging funds from domestic and external loans
• Loans vulnerable to corruption; states have responsibility for transparency in public funds management