Fresh N10.79trn Loan: Atiku Urges International Agencies To Stop Lending To Tinubu

Former Vice President Atiku Abubakar has called on international financial institutions and foreign lenders to suspend fresh loans to President Bola Tinubu’s administration until the Federal Government provides full details of its borrowing terms, repayment plans and the benefits of previous loans.

Atiku made the call while reacting to President Tinubu’s request for Senate approval to secure $7.7 billion, equivalent to approximately ₦10.79 trillion, in external financing to part-fund Nigeria’s 2026 budget deficit.

In a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council, Atiku criticised the administration’s reliance on foreign borrowing, questioning the frequency of its requests for additional loans.

The former vice president expressed concern that the latest request came shortly after the President had presented an earlier external borrowing proposal involving $20.52 billion and €1.045 billion to the National Assembly.

He argued that Nigerians should not be expected to treat repeated borrowing proposals as routine government business, warning that the financial obligations would ultimately fall on taxpayers and future generations.

“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” Atiku queried.

He maintained that borrowing should not become a substitute for sound economic management, particularly at a time when households and businesses are struggling with rising living costs.

Atiku also questioned the specific projects the proposed $7.7 billion facility would finance, demanding details of project costs, funding allocations, interest rates, repayment schedules and other loan conditions.

He expressed concern that the President’s communication indicated that the final terms, including interest rates and repayment periods, would depend on prevailing market conditions at the time of pricing.

According to him, Nigerians should not be expected to accept additional foreign debt without knowing its actual financial implications.

The former vice president consequently urged the Senate to scrutinise the borrowing proposal thoroughly and demand comprehensive documentation from the Federal Government before granting approval.

He said lawmakers must insist on a detailed project list, transparent funding allocations, clearly defined loan conditions and a credible repayment strategy.

Atiku further called on international agencies and financial institutions to stop extending fresh loans to the Tinubu administration until it demonstrates transparency in its borrowing arrangements and provides evidence of how previous loans have benefited Nigerians.

He also criticised the administration’s borrowing record despite its removal of the petroleum subsidy, arguing that the growing debt burden had not translated into improved living conditions for ordinary citizens.

According to him, Nigerians continue to face a severe cost-of-living crisis, with many households struggling to afford basic necessities and businesses battling rising operating expenses.

He also questioned the government’s infrastructure investment priorities, alleging that significant infrastructure deficits persist despite the volume of public borrowing.

“So the question is: what is Tinubu using his loans to finance specifically?” he asked.

Atiku lamented that many Nigerians remained confronted by hunger and economic hardship, while access to adequate public infrastructure and effective social welfare interventions remained limited.

He warned that the country could not continue accumulating foreign debt without a clear strategy for translating borrowed funds into economic growth, employment opportunities and improved living standards.

As an alternative, the former vice president said his economic agenda would prioritise social welfare, domestic production and policies aimed at reducing the financial burden on households.

He specifically proposed the introduction of a production-based subsidy on qualifying petroleum products, which he said would help restore social welfare support and improve economic conditions for Nigerians.

Atiku also urged the National Assembly to remember that its constitutional responsibility was to Nigerians and not merely to the executive arm of government.

He insisted that lawmakers must demand satisfactory answers from the Federal Government before approving another borrowing arrangement worth trillions of naira.

The latest development comes as President Tinubu’s $7.7 billion external borrowing request has been referred to the Senate Committee on Local and Foreign Debts for further legislative consideration. The President’s latest proposal also supersedes his earlier $20.52 billion and €1.045 billion borrowing request, according to the Senate President, Godswill Akpabio.

The statement was signed by Phrank Shaibu, Director of Strategic Communication, ADC Presidential Campaign Council, and dated November 4, 2026.