Atiku Raises Concerns Over Tinubu’s Proposed Foreign Borrowing

Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has said President Bola Tinubu’s request for approval to secure $20.52 billion and €1.045 billion in external loans vindicates his earlier warning about the administration’s borrowing plans. In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku recalled that he raised concerns about a reported $20 billion loan proposal on October 12 and challenged the President to clarify the plan and disclose the relevant details. He faulted the administration for what he described as a lack of transparency, demanding a breakdown of the projects to be funded, their locations, costs, contractors and repayment obligations. Atiku also questioned the proposed financing of the Lagos–Calabar Coastal Highway, alleging that changes to the route could raise concerns about how borrowed funds would be allocated. He asked whether the borrowing plan was designed primarily to support national development or could serve political interests ahead of the next election.

Atiku called on the National Assembly to withhold approval until the Federal Government publishes comprehensive details of the proposed loans, including the projects, contracts, loan terms and repayment commitments. He also warned local and international lenders to ensure that any loans extended to the administration comply with constitutional, statutory and due-process requirements. The ADC candidate said he would scrutinise borrowing undertaken during the final year of Tinubu’s administration if elected president, and challenge any loans found to have violated applicable requirements. He argued that Nigerians facing rising living costs should be able to understand how additional public debt would benefit the country and how it would be repaid. The Presidency’s detailed response to Atiku’s allegations was not included in the statement provided. The proposed borrowing remains a matter for legislative consideration, with Atiku insisting that lawmakers should not approve the request without sufficient public disclosure.

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