Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has challenged President Bola Tinubu to disclose the specific projects to be funded by his proposed $20.52 billion and €1.045 billion external loans, warning that Nigerians must not be saddled with undisclosed debts.
Atiku said the President’s request for Senate approval vindicated his October 12 warning that the Federal Government was reportedly planning to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway project.
The former Vice President’s position was contained in a statement issued on Tuesday by his Director of Strategic Communication, Phrank Shaibu, and reported by Naija News.
Atiku expressed concern that the President had listed broad sectors expected to benefit from the proposed borrowing without providing a project-by-project breakdown of the expenditure, including locations, costs and contractors.
He also questioned whether the inland rerouting of the Lagos–Calabar Coastal Highway could create opportunities for borrowed funds to reach political campaigners and contractors allegedly favoured by the administration. He did not provide evidence in the statement to substantiate the allegation.
“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,” Atiku said.
He questioned the timing of the proposed borrowing, arguing that the administration must provide full details of the projects and their costs before lawmakers consider the request.
“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?” he asked.
Atiku called on the National Assembly not to approve the loans until the Federal Government publishes comprehensive information on the proposed projects, contracts, costs, contractors, loan terms and repayment obligations.
He maintained that lawmakers should subject the proposal and its supporting documents to rigorous scrutiny before taking a decision, insisting that public borrowing must be transparent and accountable.
The ADC presidential candidate also warned local and international lenders to ensure that any loan granted to the Tinubu administration complies with constitutional, statutory and due-process requirements.
He said he would scrutinise loans obtained during the final year of the administration if elected President, adding that any borrowing found to have been secured without the required authorisation or procedures would be challenged through lawful means.
“Let it be on record that one of the first responsibilities I will undertake as President is to scrutinise and investigate every kobo borrowed, especially loans taken in the final year of your tenure. Nigerians will ask questions, and we will find the answers by every lawful means,” he said.
Atiku further argued that the government had a responsibility to demonstrate that the proposed borrowing would serve the national interest rather than political objectives.
He said the rising cost of living had already placed considerable pressure on households and small businesses, warning that Nigerians should not be left to repay debts without knowing how the borrowed funds were spent.
“The woman fighting to keep her business alive and the worker spending their income just to feed deserve to know where the money is going, who will benefit and who will pay,” Atiku said.
He added that Nigerians would have an opportunity at the ballot box to express their judgment on the government’s borrowing decisions.
The Federal Government’s loan request is now before the National Assembly for consideration. Atiku’s allegations about the possible use of the funds for political purposes remain his claims, while the project-by-project details he demanded would be necessary to assess how the proposed borrowing is intended to be spent.
