Atiku, ADC Reject Tinubu’s Fresh $20bn, £1bn Loan

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, and the ADC Presidential Campaign Council (ADC-PCC) have rejected President Bola Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion, describing the move as reckless and a danger to Nigeria’s future.

Atiku said the President’s request vindicates his October 12 warning about a loan plan of up to $20 billion.

In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the President’s failure to identify the specific projects the loans would fund raises serious concerns that borrowed public money could be channelled through the Lagos–Calabar Coastal Highway, now rerouted inland, to political campaigners and favoured 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,” Atiku said.

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“The President has listed broad sectors but has not provided a project-by-project account of what this enormous borrowing will fund. Nigerians have not been given clear project details, costs, locations or contractors to scrutinise.”

“That silence is especially troubling given the highway’s inland rerouting. Nigerians have every right to ask whether it is becoming a pipeline for borrowed money to reach Tinubu’s campaigners and favoured contractors. 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 vowed that if elected, he would scrutinise and investigate every kobo borrowed, especially loans taken in the final year of Tinubu’s tenure.

“You cannot continue taking frivolous loans on the eve of your departure from office. 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.

“I put local and international lenders on notice: any loan granted to this winding down administration must meet all constitutional, statutory and due process requirements. Upon assumption of office, I will scrutinise every such loan. Any borrowing found to have been obtained without proper authorisation or process will be challenged and will not be allowed to stand.”

He urged the National Assembly not to 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, and no lawmaker should sign a blank cheque against Nigeria’s future,” Atiku said.

In a separate statement, the ADC-PCC condemned the fresh borrowing request, describing it as reckless, unconscionable and a dangerous step towards Nigeria’s economic recolonisation.

The Council said the request comes at a time when Nigerians are still struggling with the devastating consequences of the administration’s economic policies, including soaring living costs, increased taxation and the removal of fuel subsidies.

It expressed concern that the administration continues to pursue aggressive borrowing without providing Nigerians with a transparent and convincing account of how previous loans and savings from subsidy removal have been utilised.

“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” said Kola Ologbondiyan, Director of Media and Publicity of the ADC-PCC.

“Where is the money saved from fuel subsidy removal? What happened to the previous loans? And why must the government return to the international credit market with another $20 billion and £1 billion when millions of Nigerians are struggling to survive?”

Ologbondiyan said the development raises serious questions about the administration’s fiscal priorities, economic direction and commitment to accountability.

“This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn. A country cannot continue to accumulate foreign debt without a clear, measurable and transparent account of the benefits accruing to its citizens,” he said.

“President Tinubu cannot continue to impose painful economic sacrifices on Nigerians, claim the benefits of subsidy removal and, at the same time, seek enormous additional loans without adequately explaining how the resources already available to his government have been spent.”

The ADC-PCC argued that an economic strategy built primarily on borrowing and increased taxation, without corresponding improvements in productivity, infrastructure, employment and citizens’ welfare, risks pushing the country deeper into a debt trap.

It warned that excessive dependence on foreign creditors could expose Nigeria to mounting debt-servicing obligations, constrain future governments’ policy choices and undermine the country’s economic sovereignty.

“The sovereignty of Nigeria must not be compromised by fiscal recklessness. Our national assets, economic independence and the welfare of future generations must not become casualties of an endless borrowing spree,” Ologbondiyan said.

The ADC-PCC called on the National Assembly to subject the proposed borrowing to rigorous scrutiny and reject it unless the Federal Government provides compelling evidence of its necessity, sustainability and tangible benefits.

It also demanded that President Tinubu publish a comprehensive account of all domestic and foreign borrowing undertaken since May 29, 2023, alongside a detailed breakdown of the revenue realised from subsidy removal and how the funds have been applied.

The Council further called for full disclosure of the proposed loans’ purposes, interest rates, repayment periods, associated fees, conditionalities and any collateral or guarantees attached to the facilities.

“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people,” the ADC-PCC stated.

“The National Assembly must not abdicate its oversight responsibilities. It must insist on accountability and ensure that no borrowing arrangement places the country’s future at unacceptable risk.”

Atiku added that families already struggling with a cost-of-living crisis should not be made to carry debts they did not approve.

“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. At the ballot box, Nigerians will have the chance to reject a government that borrows against their future while taking their sacrifices for granted,” he said.