Atiku Draws Line Over Tinubu Borrowing Plan

Former Vice-President Atiku Abubakar has called on the Senate to reject President Bola Tinubu latest request for a $7.7bn external loan, warning that the fresh borrowing would deepen the financial burden on Nigerians and leave future administrations with heavier debt obligations.

Atiku, in a statement issued on Wednesday by the Director of Strategic Communication of the African Democratic Congress Presidential Campaign Council, Phrank Shaibu, described the frequency of the Federal Government borrowing proposals as alarming and questioned the rationale behind its repeated resort to foreign loans.

The proposed $7.7bn facility, estimated at N10.79tn, is expected to part-finance the 2026 budget deficit, coming barely days after the President forwarded another external borrowing request of $20.52bn and €1.045bn to the National Assembly for approval.

Faulting what he described as an excessive appetite for foreign debt, Atiku argued that Nigerians should not be expected to regard successive borrowing requests as routine legislative business.

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

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“Every new foreign loan is a bill Nigerians will eventually have to pay. This government cannot keep presenting borrowing as a substitute for sound economic management while families and businesses carry the cost of its failures,” he said.

The former Vice-President urged the Senate to subject the latest request to rigorous scrutiny and insist that the Federal Government disclose the projects to be financed, their individual costs, interest rates, repayment schedules and every other condition attached to the proposed facility.

He also raised concerns over a provision in the President letter which indicated that the final borrowing terms would be determined by prevailing market conditions at the time the loan was priced.

“Nigerians should not be asked to accept a loan before they know what it will cost the country,” he maintained.

Atiku further urged lawmakers to demand a comprehensive list of projects, clear funding allocations and a credible repayment framework before granting approval, warning against any arrangement that would give the executive unrestricted access to foreign credit.

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“No government should receive a blank cheque to contract foreign debt in the name of budget implementation,” he insisted.

Beyond the Senate, the ADC chieftain appealed to international lenders and agencies to suspend fresh loans to the Tinubu administration until it presents transparent borrowing terms, a credible repayment plan and evidence of the benefits derived from previous facilities.

He accused the President of presiding over an escalating cost-of-living crisis despite the removal of the petrol subsidy and continued recourse to foreign borrowing.

“Tinubu removed subsidy on petroleum products but has emerged as the highest borrowing government in Nigeria record history,” he stated.

Atiku also criticised what he described as inadequate investment in infrastructure and the absence of effective social welfare interventions, arguing that Nigerians were struggling to meet basic needs even as the country accumulated more debt.

As an alternative, he proposed the restoration of social welfare programmes through what he termed a production-based subsidy on petroleum products.

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The former Vice-President maintained that borrowing could not remain the government answer to every budget deficit and urged the National Assembly to place the interests of citizens above executive demands.

“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,” he stressed.

The latest dispute has brought renewed attention to Nigeria rising public debt, the cost of servicing existing obligations and the Federal Government reliance on borrowing to finance infrastructure projects and meet budgetary commitments.

While the Federal Government has defended its borrowing programme as necessary to bridge revenue shortfalls and fund development, opposition figures have continued to demand greater transparency and accountability in the management of public debt.

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