Former Vice President Atiku Abubakar has called on the National Assembly to immediately halt consideration of President Bola Tinubu’s request to secure $20.52 billion and €1.045 billion in external loans. Atiku insisted that no legislative approval should be granted until the federal government publishes comprehensive details regarding the specific projects intended for funding.
Demand for Full Financial Transparency
In a statement released by Phrank Shaibu, Director of Strategic Communication for the African Democratic Congress (ADC) Presidential Campaign Council, Atiku expressed deep concern over the lack of transparency surrounding the proposed borrowing. He noted that while the administration listed broad economic sectors, it failed to outline project-by-project costs, locations, contractors, or repayment schedules.
According to the former vice president, approving massive foreign loans without itemized disclosures exposes public funds to potential misuse and political manipulation ahead of upcoming general elections. He urged lawmakers to resist signing off on financial commitments that could compromise the nation’s economic stability.
Infrastructure Concerns and Political Risk
Atiku linked the massive borrowing proposal to earlier concerns he raised regarding funding for major infrastructure projects, including the Lagos-Calabar Coastal Highway. He alleged that the absence of clear line items creates opportunities for borrowed capital to be redirected toward political campaigns and favored contractors through project rerouting schemes.
He emphasized that Nigerian households currently dealing with rising living costs deserve complete clarity on where the funds are going, who benefits from the expenditure, and how the resulting national debt will be serviced.
Warning Issued to Lenders and Lawmakers
Issuing a direct warning to local and international financial institutions, Atiku declared that any loan extended to the current administration without strict compliance with constitutional and statutory due process would face thorough review. He stated that examining late term financial agreements would be a primary responsibility if he assumes office.
He called on the National Assembly to publish the complete loan proposal alongside all supporting documentation, insisting that legislative oversight must ensure borrowing strictly serves the public interest.