Former Vice-President Atiku Abubakar has urged the National Assembly to reject President Bola Tinubu’s request for approval to borrow $7.7bn (about ₦10.79tn), warning that the proposed loan could further burden Nigerians and future administrations.
Atiku said the President, whose tenure was approaching its end, should not commit the country to additional foreign debt without full disclosure of the borrowing terms and intended projects.
He made the position known in a statement issued on Wednesday by his Director of Strategic Communication, Phrank Shaibu, on behalf of the former Vice-President.
Atiku questioned the frequency of the Federal Government’s borrowing requests, particularly following an earlier proposal to secure $20.52bn and €1.045bn in external loans.
“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” he asked.
He added, “Barely days after an external borrowing proposal of $20.52bn and €1.045bn was presented to the National Assembly, another request for $7.7bn is now before the Senate.
“Nigerians cannot be expected to treat this relentless borrowing as routine paperwork.”
The former presidential candidate argued that every additional foreign loan would increase the country’s financial obligations, insisting that borrowing should not replace sound economic management.
He said the government must explain the specific projects to be financed with the proposed facility, their costs and the conditions attached to the loan.
“The latest request raises urgent questions. Which specific projects will receive the money? How much will each project cost? What are the repayment schedule, interest rate and other conditions?” he queried.
Atiku also expressed concern that the President’s letter indicated that the final borrowing terms would depend on prevailing market conditions when the loan was priced.
He maintained that Nigerians deserved to know the financial implications before the Senate considered approving the facility.
Consequently, he called on the Senate to scrutinise the proposal thoroughly and demand a comprehensive project list, funding allocations, loan conditions and a credible repayment plan.
“The Senate must scrutinise this proposal line by line. It must demand a full project list, clear funding allocations, the proposed loan terms and a credible repayment plan before considering approval.
“No government should receive a blank cheque to contract foreign debt in the name of budget implementation,” he said.
Atiku further urged international financial institutions and lenders to suspend fresh lending to the Tinubu administration until it provided transparent borrowing terms and evidence of the benefits of previous loans.
He accused the President of presiding over an administration that had accumulated substantial debts despite removing the petrol subsidy.
“Tinubu removed subsidy on petroleum products but has emerged as the highest borrowing government in Nigeria’s record history,” he alleged.
The former Vice-President also criticised the administration over the rising cost of living, saying households and businesses were struggling amid worsening economic conditions.
He argued that Nigerians were yet to see corresponding improvements in infrastructure and social welfare despite the government’s borrowing activities.
Atiku said the situation raised questions about how the funds obtained by the administration had been utilised.
“Nigerians are hungry and angry. Public infrastructure are limited; social welfare intervention is non-existent. Yet Nigeria is owing massively under Tinubu,” he said.
He urged lawmakers to remember their constitutional responsibility to Nigerians rather than simply endorse requests from the executive.
“Nigeria cannot borrow its way out of every budget shortfall. The National Assembly must remember that it is accountable to Nigerians, not merely to the executive.
“Before approving another trillion-naira burden, it must make the government answer the questions Nigerians are asking,” Atiku added.
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