Failed CCTV Project: SERAP Slams Buhari’s Govt With Fresh Lawsuit Over $460M Chinese Loan

• The Socio-Economic Rights and Accountability Project (SERAP) has dragged the federal government to court
• The court has directed President Muhammadu Buhari and his regime to answer for how a $460 million Chinese loan was used to fund the failed Abuja CCTV project
• According to the court’s judgement, FG must publish the total amount of money paid to Chinese companies, precise details of contractors and the status of the implementation of the project

Nigeria's president has gotten a fresh court order a few days before the end of his tenure.

Ahead of the Monday, May 29, handover ceremony, a Federal High Court in Abuja has issued an order requiring President Muhammadu Buhari and his regime to answer for how a $460 million Chinese loan was used to fund the failed Abuja Closed-Circuit Television (CCTV) project.

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Buhari gets fresh lawsuit over failed CCTV project

According to the court’s judgement, the regime must publish the total amount of money paid to Chinese and local companies and contractors, precise details of the identities of the companies and contractors, and the status of the implementation of the project, The Punch reported.

Honourable Judge Emeka Nwite issued the directives in his ruling in the Socio-Economic Rights and Accountability Project (SERAP)’s FHC/ABJ/CS/1447/2019 Freedom of Information lawsuit.

Report shows naira lost half its value against US dollar under President Buhari

The Nigerian naira's exchange rate against the United States dollar during President Muhammadu Buhari's eight-year tenure declined significantly.

BusinesDay reports that the naira weakened by 57.26% and 37.58% in the official and black markets.

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When President Buhari assumed office in 2015, data from the Central Bank of Nigeria's official window indicated that the naira exchanged at N197/$ against the US dollar.

"Nigeria has limited borrowing space": Budget Office warns of looming debt crisis

As Nigeria's economy continues to face serious challenges, a new warning from the country's budget office has raised concerns about the country’s increasing debt levels. The office cautioned that Nigeria's growing debt profile could spell trouble for the nation's economic future.

Ben Akabueze, the Director-General of the Budget Office, sounded the alarm, cautioning against the impending troubles that may arise due to the country's rising debt levels.

Akabueze said that while Nigeria’s debt-to-GDP ratio may be safe, the debt-to-revenue ratio gives cause to worry.

Source: Legit.ng