Socio-Economic Rights and Accountability Project, SERAP, has asked President Goodluck Jonathan to "provide information on the spending of N700 billion borrowed between December 31, 2012 and April 30, 2013, and to introduce a moratorium on borrowing."
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SERAP said it will take legal action should the government not provide the information within 14 days.
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A letter by SERAP Executive Director, Mr. Adetokunbo Mumuni, and sent to the Accountant- General of the Federation, Mr. Jonah Otunla, said:
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"Whereas the government has borrowed over N6.54 trillion from national sources and its external borrowing is growing, there is no evidence on the ground to show that the huge sums of money have been put to good use.
'In fact, we fear the money could have been mismanaged, diverted or stolen. Despite this huge borrowing, the same period also witnessed decreased spending on basic social services such as roads, electricity, health...e.t.c'.