‘Don’t approve a single dollar’ — Atiku warns NASS over Tinubu’s $20.52bn, €1.045bn borrowing plan

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has urged the National Assembly to withhold approval for President Bola Tinubu’s proposed external borrowing of $20.52 billion and €1.045 billion until the Federal Government publishes comprehensive details of the projects to be financed.

Atiku insisted that lawmakers should not approve any portion of the proposed loans until the government provides a breakdown of the projects, contracts, costs, contractors, loan terms and repayment obligations.

He made the demand following Tinubu’s request for Senate approval of the external borrowing plan, which the former vice president said vindicated his October 12 warning about a proposed loan of up to $20 billion.

In a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku recalled that he had previously raised concerns about the proposed borrowing in connection with the Lagos–Calabar Coastal Highway project.

“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 demanded that he 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.

The former vice president faulted the President for failing to provide a project-by-project breakdown of how the proposed funds would be spent, arguing that identifying broad sectors for investment was insufficient to justify borrowing on such a scale.

“The President has listed broad sectors but has not provided Nigerians with a project by project account of what this enormous borrowing will fund. There are no clear project details, costs, locations or contractors for the public to scrutinise,” Atiku stated.

He also questioned the reported rerouting of the Lagos–Calabar Coastal Highway inland, alleging that the development raised concerns about how borrowed public funds might be allocated to contractors and individuals associated with Tinubu’s political campaign.

“That silence is especially troubling when the Coastal Highway has been rerouted inland. Nigerians have every right to ask whether the highway is being turned into a pipeline for borrowed money to reach Tinubu’s campaigners and favoured contractors,” he said.

Atiku further questioned the timing of the borrowing request, arguing that the government should provide detailed information about the proposed projects and their costs before seeking legislative approval for additional external debt.

He challenged the President to explain whether the borrowing plan was intended to serve the country’s development needs or political interests.

“Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure? Tinubu must answer,” Atiku said.

The ADC presidential candidate called on the National Assembly to make the proposal and its supporting documents available to the public and subject them to thorough legislative scrutiny before taking a decision.

“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation. No public money should be borrowed in the dark. No lawmaker should sign a blank cheque against Nigeria’s future,” he stated.

He added: “I warned Nigerians before this request reached the Senate. Now the burden is on Tinubu to prove that this borrowing will serve the country, not his political interests.”

Tinubu’s borrowing request is currently subject to legislative consideration. Atiku’s demand centres on transparency, disclosure of project details and scrutiny of the proposed loan terms before the National Assembly decides whether to grant approval.

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