Former Vice-President Atiku Abubakar has urged the National Assembly to reject President Bola Tinubu’s proposed external borrowing plan of $20.52 billion and €1.045 billion, warning that Nigerians could be saddled with more debt without adequate transparency.
Atiku, the presidential candidate of the African Democratic Congress (ADC), questioned the timing and purpose of the proposed loans, demanding full disclosure of the projects to be funded, their costs, locations, contractors and repayment obligations.
In a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the request vindicated his October 12 warning that the Tinubu administration was preparing to borrow up to $20 billion for the Lagos-Calabar Coastal Highway project.
The former vice-president expressed concern that the proposed borrowing could benefit politically connected individuals and favoured contractors, citing reports that the coastal highway had been rerouted inland.
“Barely 12 weeks before an election, how can the President ask lawmakers to saddle Nigerians with more than $20 billion and €1 billion in debt without identifying the projects and their costs?” Atiku asked.
He added, “Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?”
Tinubu’s borrowing request was conveyed to the National Assembly in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.
In the letter, the President said the proposed loans would finance projects and programmes across critical sectors, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
Tinubu argued that external borrowing had become necessary to bridge the country’s infrastructure financing gap and provide resources for key development projects.
“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” the President said.
He added that the funds would primarily support critical infrastructure projects in sectors such as power, transportation and healthcare.
Atiku Demands Full Disclosure Before Approval
Despite the government’s justification, Atiku called on lawmakers to withhold approval until the administration publishes comprehensive details of every project to be financed by the loans, including contract values, contractors, loan terms and repayment schedules.
He maintained that Nigerians had a right to know how the borrowed funds would be spent and who stood to benefit from the projects.
“You cannot continue taking frivolous loans on the eve of your departure from office,” he said.
The ADC candidate also warned local and international lenders that any borrowing by the outgoing administration must comply fully with constitutional provisions, statutory requirements and due process.
“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. Upon assumption of office, I will scrutinise every such loan,” he said.
Atiku further warned that any borrowing found to have been secured without proper authorisation or in violation of due process would be challenged.
The former vice-president argued that the proposed debt could deepen the financial pressure on Nigerian households already grappling with rising living costs.
He therefore urged the National Assembly to subject the borrowing request and all supporting documents to rigorous scrutiny before reaching a decision.
