Former VP Atiku Abubakar and President Bola Tinubu
African Democratic Congress (ADC) president candidate, Atiku Abubakar, has urged the National Assembly to withhold approval for President Bola Ahmed Tinubu’s request to borrow $20.52 billion and €1.045 billion in external loans, alleging that the borrowing plan could be used to finance political activities ahead of the 2027 general election.
In a statement issued on Tuesday by the Director of Strategic Communication of the ADC Presidential Campaign Council, Phrank Shaibu, Atiku said lawmakers should not approve the request until the Federal Government provides full details of the proposed projects, contractors, costs, loan conditions and repayment plans.
According to him, the latest request confirms his earlier warning that the Tinubu administration was planning to obtain about $20 billion, allegedly linked to the Lagos-Calabar Coastal Highway project.
“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation,” Atiku said.»
“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future.”
The former Vice President argued that although the President listed broad sectors such as infrastructure, health, education, security and power, he failed to provide a project-by-project breakdown for public scrutiny.
He expressed concern that the funds could be diverted through the Lagos-Calabar Coastal Highway project, which he claimed had been rerouted inland, to benefit political allies and preferred contractors.
“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,” he said.
“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?”
Atiku also warned local and international lenders to ensure that any loan granted to what he described as a “winding-down administration” complies fully with constitutional and statutory provisions.
He said that if elected President in 2027, his administration would review all loans secured during the final year of the Tinubu administration and challenge any found to have been obtained without due process.
“Any borrowing found to have been obtained without proper authorisation or process will be challenged and will not be allowed to stand,” he warned.»
President Tinubu’s request comes as Nigeria’s public debt has risen above N88 trillion, according to figures from the Debt Management Office (DMO), raising fresh concerns over the country’s debt burden and fiscal sustainability.
The loan request, contained in a letter transmitted to the Senate last week, is expected to be referred to the Senate Committee on Local and Foreign Debts for scrutiny before debate by the full chamber.
The latest development is expected to fuel fresh political debate over public borrowing, transparency and government spending as Nigeria prepares for the 2027 general elections.
