Explain to Nigerians how you intend to utilize, repay $5bn Abu Dhabi loan – Atiku to Tinubu

Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on Nigerians to demand greater accountability from the President Bola Tinubu-led administration over the country’s rising debt profile.

Atiku warned that continued borrowing without clear evidence of economic benefits could saddle future generations with an unsustainable debt burden.

In a statement issued on Sunday by his media office, the former vice president accused the Federal Government of poor financial management and a lack of transparency in its borrowing arrangements.

He specifically questioned the government’s handling of the $5 billion facility from First Abu Dhabi Bank, insisting that Nigerians have a right to know how the funds will be utilised.

According to Atiku, the Tinubu administration has accumulated significant additional debt since assuming office on May 29, 2023.

He cited figures attributed to the Debt Management Office (DMO), claiming that the administration had added about N72 trillion to Nigeria’s debt stock, bringing total indebtedness to N159.35 trillion as of early 2026.

Atiku argued that the rising debt had not translated into improved living conditions for Nigerians.

“Every kobo borrowed matters because citizens — both living and unborn — will bear the burden of repayment. Yet these loans have failed to improve their material wellbeing,” he said.

The former vice president also criticised the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, over his response to calls for details about the Abu Dhabi facility.

Oyedele had said the loan was approved by the National Assembly and would be used to refinance more expensive debt. Atiku, however, insisted that such explanations were insufficient without details on how the funds would ultimately be deployed.

“The government is obliged to explain every loan taken on behalf of Nigerians,” Atiku said.

He further raised concerns over the collateral arrangements attached to the facility, claiming that the Federal Government is required to pledge securities worth approximately 133 per cent of the loan value.

According to him, the scale of the collateral requirement makes transparency and accountability even more important.

Atiku also cited concerns reportedly raised by the International Monetary Fund (IMF) and Fitch Ratings regarding Nigeria’s financing structure, transparency and long-term debt sustainability.

He urged Nigerians to closely scrutinise the government’s borrowing decisions and demand evidence that borrowed funds are being used to strengthen the economy and improve citizens’ welfare.

The ADC presidential candidate warned that borrowing without measurable economic returns could undermine public confidence and leave future generations responsible for debts accumulated by the present administration.

He therefore called for greater transparency in government finances, particularly regarding major foreign loans and the conditions attached to them.

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