The Presidential candidate of the African Democratic Congress (ADC), and former Vice-President Atiku Abubakar has urged the National Assembly to reject President Bola Tinubu’s request to borrow $20.52bn and €1.045bn, stressing that the proposed loans could be used to finance political campaigns and benefit favoured contractors.
Atiku also said President Tinubu failed to provide project-by-project details of how the proposed borrowing would be spent, thereby making it difficult for Nigerians to scrutinise the plans.
These were contained in a statement by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, stating that the request vindicated Atiku’s October 12, warning that Tinubu was preparing to borrow up to $20bn in connection with the Lagos–Calabar Coastal Highway.
Atiku particularly questioned whether the proposed borrowing was intended to fund infrastructure development or serve political interests ahead of the 2027 general election.
In the words of Atiku; “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 details of the projects, their costs, locations or contractors”.
The former Vice President specifically raised concerns over the reported inland rerouting of the Lagos–Calabar Coastal Highway, alleging that the project could become a channel for directing borrowed funds to Tinubu’s campaigners and preferred contractors.
Atiku €1.045bn therefore tasked lawmakers to withhold approval until the President publishes details of every project to be funded, including contracts, costs, contractors, loan terms and repayment obligations.
He further said; “The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation”.
Atiku warned that approving the loans without adequate disclosure would amount to committing Nigerians to substantial debt without sufficient accountability.
He also put local and international lenders on notice, stressing that he would scrutinise loans obtained by the administration if elected president and challenge any borrowing found to have violated constitutional, statutory or due-process requirements.
The former Vice President particularly urged the National Assembly to make the loan proposal and its supporting documents public and subject them to rigorous scrutiny before taking a decision.
According to Atiku, the proposed external borrowing request includes $20.52bn and €1.045bn, and emphasized that the government must demonstrate that the funds would serve the country’s development needs rather than political interests.
