Former Vice President Atiku Abubakar has urged the National Assembly not to approve President Bola Tinubu's proposed external loans until the President publishes full details of the projects to be funded. Atiku's call comes after Tinubu requested the Senate's approval to borrow $20.52 billion and €1.045 billion. He expressed concerns that the loan request lacks transparency, making it difficult for Nigerians to scrutinize the projects.
Atiku's statement, issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, noted that he had previously warned Nigerians about the proposed borrowing in connection with the Lagos–Calabar Coastal Highway. On October 12, Atiku warned that President Tinubu was reportedly preparing to borrow up to $20 billion for the project. He demanded that the President confirm or deny the plan and publish the accounts, but the President did neither.
Atiku faulted the President for failing to provide a project-by-project account of how the proposed loans would be spent. He argued that listing broad sectors was not enough to justify the scale of the borrowing. According to Atiku, there are no clear project details, costs, locations, or contractors for the public to scrutinize. This lack of transparency raises concerns about the accountability of the loan.
The former Vice President also questioned the rerouting of the Lagos–Calabar Coastal Highway inland, alleging that the project could be used to channel borrowed public funds to Tinubu's political campaigners and favored contractors. Atiku's concerns are centered on the potential misuse of public funds and the need for transparency in the loan request.
Atiku questioned the timing of the loan request, asking how the President could seek approval for more than $20 billion and €1 billion in additional debt barely 12 weeks before an election without identifying the projects and their costs. He wondered if the loan request was a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure.
Atiku insisted that the National Assembly must make the proposal and its supporting documents public and subject them to rigorous scrutiny before taking a decision. He emphasized that no public money should be borrowed in the dark and that no lawmaker should sign a blank cheque against Nigeria's future.
Atiku concluded that the National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term, and repayment obligation. He added that he had warned Nigerians before this request reached the Senate and that the burden is now on Tinubu to prove that this borrowing will serve the country, not his political interests.
Key points
- Atiku Abubakar urges Senate to reject President Bola Tinubu's $20.52 billion and €1.045 billion loan request due to lack of transparency.
- Atiku questions the timing of the loan request, suspecting it may be used for campaign financing.
- Atiku demands that the National Assembly makes the proposal and its supporting documents public and subjects them to rigorous scrutiny.
