Former Vice President Atiku Abubakar says President Bola Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion vindicates his earlier warning about a planned $20 billion loan.
Atiku, the African Democratic Congress (ADC) presidential candidate, made the claim in a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.
He said he had warned on October 12 that the president was reportedly planning to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway.
Atiku expressed concern that Tinubu had not provided details of the specific projects the proposed loans would fund, including their costs, locations and contractors.
He also questioned whether the highway project could be used to channel borrowed funds to political campaigners and favoured contractors, following its reported inland rerouting.
“Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?” he asked.
Atiku urged the National Assembly not to approve the loans until the president published details of the projects, contracts, costs, contractors, loan terms and repayment obligations.
He also warned local and international lenders that any borrowing by the administration must comply with constitutional, statutory and due-process requirements.
Atiku said he would scrutinise loans obtained during the final year of Tinubu’s tenure if elected president, adding that any borrowing found to have violated due process would be challenged through lawful means.
He urged lawmakers to subject the proposal and its supporting documents to rigorous scrutiny, arguing that Nigerians should not bear additional debt without knowing how the money would be spent.
Atiku said the government must show that the proposed borrowing would serve the country’s interests rather than political interests.
