Former Vice President Atiku Abubakar has called on the Senate to reject President Bola Tinubu’s proposed external borrowing of $20.52 billion and €1.045 billion, insisting that the Federal Government must provide comprehensive details of the projects to be financed before seeking approval.
Atiku, the African Democratic Congress (ADC) presidential candidate, said the President’s request vindicated his earlier warning that the administration was planning to secure a loan of up to $20 billion.
In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku expressed concern that the President had not provided a detailed breakdown of the projects, their costs, locations and contractors.
He also raised questions about the possible connection between the proposed borrowing and the Lagos–Calabar Coastal Highway, which he claimed had been rerouted inland, alleging that the project could be used to channel borrowed funds to political allies 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.
The former vice president argued that listing broad sectors expected to benefit from the proposed loans was insufficient without specific information that would enable lawmakers and Nigerians to scrutinise the spending plans.
“Nigerians have not been given clear project details, costs, locations or contractors to scrutinise,” he stated.
Atiku questioned the timing of the proposed borrowing, arguing that the government should not seek to incur substantial additional debt without clearly identifying the projects and their financial implications.
He asked whether the proposed financing was genuinely intended to promote national development or could serve political interests ahead of the next general election.
The former vice president subsequently vowed to investigate loans obtained under the Tinubu administration if elected president.
“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.
Atiku also warned domestic and international lenders to ensure that any loans extended to the current administration complied with constitutional provisions, statutory requirements and due process.
He maintained that any borrowing subsequently found to have been secured without proper authorisation or compliance with the law would be challenged.
The ADC presidential candidate urged the National Assembly to withhold approval until the Federal Government disclosed the proposed projects, contracts, costs, contractors, loan conditions and repayment obligations.
“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” he said.
Atiku further argued that the government had a responsibility to demonstrate that the proposed borrowing would serve the public interest rather than political objectives.
He called on lawmakers to make the proposal and its supporting documents available for public scrutiny and subject them to rigorous legislative examination before taking a decision.
The former vice president also highlighted the potential implications of additional borrowing for Nigerians already grappling with rising living costs, insisting that citizens deserved to know how the funds would be spent and how the resulting debt would be repaid.
“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 judge the administration’s borrowing policies and its handling of public resources.
Tinubu had earlier asked the Senate to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, comprising $20,517,755,901 and €1,045,083,643, to finance projects in infrastructure, agriculture, healthcare, education, water supply, security and other sectors.
Following the presentation of the President’s request, Senate President Godswill Akpabio said the proposal would be referred to the Senate Committee on Local and Foreign Debts, potentially in collaboration with the Committees on Appropriations and Finance, for consideration.
