Atiku to Tinubu: $20.5bn loan plan vindicates my warning

By Luminous Jannamike Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has said President Bola Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion vindicates his earlier warning about a proposed $20 billion loan, accusing the administration of failing to disclose the specific projects the funds would finance.

Atiku said the absence of project-by-project details raises questions about transparency and the possibility of public funds being channelled to political allies and favoured contractors, particularly through the Lagos–Calabar Coastal Highway project, which he alleged had been rerouted inland. In a statement by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku recalled that he had warned on October 12 about the reported borrowing plan and challenged Tinubu to confirm or deny it and publish the relevant accounts.

“Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” he said. Atiku faulted the President for failing to provide details of the projects, their costs, locations and contractors, insisting that Nigerians should not be asked to shoulder such a huge debt without knowing how the money would be spent.

He questioned whether the highway project could become a conduit for directing borrowed funds to political allies, especially with an election approaching. “Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?” he asked. The ADC candidate warned that he would scrutinise loans obtained during the final year of Tinubu’s administration if elected President, vowing to challenge any borrowing found to have breached constitutional, statutory or due process requirements.

“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,” he said. He urged the National Assembly to withhold approval until the President publishes the projects, contracts, costs, contractors, loan terms and repayment obligations attached to the borrowing plan.

“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” Atiku said. He said the burden of proof rested on Tinubu to demonstrate that the loans would serve the national interest rather than political interests, warning that Nigerians struggling with the cost of living should not be made to pay for debts incurred without adequate public disclosure.

Atiku said the controversy could further shape the political contest, with voters having an opportunity to hold the administration accountable for its borrowing decisions.