Pension fund: SERAP to sue Buhari, 36 state governors over loan

- President Muhammadu Buhari is facing court action over the proposed loan request of state governors

- The Nigerian leader and 36 state governors are being sued by SERAP

- According to SERAP, the proposal by the governors to borrow from the pension funds is unlawful

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The Socio-Economic Rights and Accountability Project (SERAP) is set to file a lawsuit against President Muhammadu Buhari and Nigerian governors over the loan request from the pension fund.

Legit.ng gathered that the group in a tweet via its official account on Monday, December 7, made the announcement.

SERAP further asked Nigerians to indicate their interest by stating full names to be joined as co-applicant in the suit which would be filed in 14 days.

This development is coming hours after SERAP urged President Buhari to stop the state governors from taking loans from pension funds.

The group on its Twitter page on Sunday, December 6, urged the president to immediately instruct the director-general and Board of the National Pension Commission to stop the governors' move.

Earlier, Legit.ng reported that Ekiti state governor, Kayode Fayemi, reacted to the proposed plan of his counterparts to borrow N17 trillion partly from pension funds.

The governor on Sunday, December 6, said there is nothing wrong in borrowing to provide infrastructure across the states by the government.

Fayemi, the chairman of the Nigeria Governors Forum (NGF) explained that the funds which would be sourced from two places will go into creating revenue-generating infrastructure projects.

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In a related development, Babajide Sanwo-Olu, the Lagos state governor, has advised his counterparts across the country to look into their expenditure profile and do away with unnecessary spending.

Sanwo-Olu made the call during the 22nd annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN) held at Victoria Island, Lagos.

He said that cutting unnecessary spending would increase the state's revenue for the government to have more resources to meet the basic needs of the people.

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Source: Legit.ng