Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused President Bola Tinubu of failing to provide sufficient details about his proposed foreign borrowing, saying the request vindicates his October 12 warning about a loan plan of up to $20 billion.
Atiku’s position was contained in a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, following Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion.
He faulted the absence of project-specific information, including costs, locations and contractors, questioning how lawmakers could assess the proposed borrowing without details of how the funds would be spent.
Atiku also raised concerns about the Lagos–Calabar Coastal Highway project, alleging that the inland rerouting could provide a channel for borrowed funds to reach political allies and favoured contractors.
He said: “On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway. I asked him to confirm or deny the plan and publish the accounts. He did neither. Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated.
“The President has listed broad sectors but has not provided a project by project account of what this enormous borrowing will fund. Nigerians have not been given clear project details, costs, locations or contractors to scrutinise.”
The ADC presidential candidate questioned the timing of the proposed borrowing, arguing that lawmakers should not approve such a significant debt without clear information on the projects and their costs.
“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? Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?” he asked.
Atiku also criticised what he described as frivolous borrowing towards the end of Tinubu’s tenure, pledging to investigate loans obtained during the administration’s final year if elected president.
“You cannot continue taking frivolous loans on the eve of your departure from office. Let it be on record that one of the first responsibilities I will undertake as President is to scrutinise and investigate every kobo borrowed, especially loans taken in the final year of your tenure. Nigerians will ask questions, and we will find the answers by every lawful means,” he said.
He urged local and international lenders to ensure that any loans granted to the administration complied with constitutional, statutory and due-process requirements.
Atiku warned that any borrowing found to have been secured without proper authorisation or due procedure would be challenged and would not be allowed to stand.
He also called on the National Assembly to withhold approval until the President disclosed the projects, contracts, costs, contractors, loan terms and repayment obligations attached to the proposed borrowing.
“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation. No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” he said.
Atiku maintained that Tinubu must demonstrate that the proposed loans would serve Nigeria’s interests rather than his political ambitions. He urged lawmakers to make the proposal and its supporting documents public for thorough scrutiny before reaching a decision.
