Atiku says Tinubu’s $21bn loan plan vindicates his warning, demanding details of projects, contractors, loan terms and repayment obligations
Former Vice-President Atiku Abubakar has said President Bola Tinubu’s request for legislative approval to secure $20.52bn and €1.045bn in external loans vindicates his earlier warning about the Federal Government’s borrowing plans, questioning the transparency of the proposed financing.
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Atiku, the African Democratic Congress presidential candidate, made his position known in a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.
He said he had raised concerns about a reported $20bn borrowing plan on October 12 and challenged the President to confirm or deny the proposal and publish details of the relevant accounts.
“Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” Atiku said.
The former vice-president criticised what he described as the absence of adequate information about the projects the proposed loans would finance, including their locations, costs and contractors.
He argued that Nigerians should be given a clear account of how the funds would be spent before the country takes on additional debt.
Atiku also raised concerns about the Lagos-Calabar Coastal Highway, alleging that the project had been rerouted inland and questioning whether the borrowing plan could be used to channel public funds to political allies or favoured contractors.
“Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?” he asked.
The allegation that the borrowing could serve political interests was made by Atiku and was not independently established in the statement.
Atiku called on the National Assembly to withhold approval for the proposed loans until the Federal Government publishes details of the projects, contracts, costs, contractors, loan terms and repayment obligations.
“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” he said.
He maintained that the government should demonstrate that the borrowing would serve the national interest and provide sufficient information for lawmakers and the public to assess the proposed expenditure.
Atiku also warned that he would scrutinise loans secured during the final year of Tinubu’s administration if elected president, saying he would challenge any borrowing found to have violated constitutional, statutory or due-process requirements.
“I put local and international lenders on notice: any loan granted to this winding-down administration must meet all constitutional, statutory and due process requirements,” he said.
He further argued that Nigerians already facing a high cost of living should not bear the burden of borrowing undertaken without adequate public disclosure.
The proposed loans have become a point of political debate, with Atiku demanding greater transparency over the government’s financing plans.
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The details of the projects and borrowing conditions remain central to the questions he has raised.
