Key Takeaways
- Former Vice President Atiku Abubakar has accused President Tinubu's administration of a lack of transparency regarding a new multi-billion dollar loan request.
- Atiku claims the loan request, totaling $2.052 billion and €1.045 billion, vindicates his earlier warnings about undisclosed borrowing plans.
- He raised concerns that the funds could be channeled to political allies, citing the controversial Lagos–Calabar Coastal Highway project.
- Atiku has urged the National Assembly to withhold approval until full project details, costs, and contractors are publicly disclosed.
- He also warned international lenders about the need for strict adherence to constitutional and due process requirements for any loans granted.
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has launched a scathing critique against President Bola Tinubu's administration, following its request for approval to borrow a substantial $2.052 billion and €1.045 billion in external loans. Atiku asserted that this move validates his prior warnings about the government's borrowing intentions, while simultaneously accusing the administration of a glaring failure to disclose the specific projects these colossal funds are intended to finance.
In a statement released by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, Atiku highlighted the absence of project-by-project details as a critical red flag. He expressed deep concerns about transparency, suggesting the possibility of public funds being illicitly channeled to political allies and favored contractors. A particular focus of his apprehension was the Lagos–Calabar Coastal Highway project, which he alleged had been controversially rerouted inland, raising questions about its true purpose and beneficiaries.
Recalling his earlier warning on October 12 regarding a reported $20 billion borrowing plan, Atiku stated, "Today, he has asked the Senate to approve $2.052 billion and €1.045 billion in external loans. My warning has been vindicated." He strongly faulted the President for not providing essential details such as project costs, specific locations, and the identities of contractors. Atiku insisted that Nigerian citizens, who would ultimately bear the burden of this massive debt, should not be asked to shoulder such a financial commitment without complete transparency on how the money would be utilized.
The former Vice President questioned the integrity of the highway project, asking rhetorically, "Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?" This pointed query underscores the political dimensions of the controversy, especially with the next election cycle on the horizon. The lack of granular information fuels suspicions about the true motives behind such significant borrowing.
Atiku further issued a stern warning that, if elected President, he would meticulously scrutinize all loans obtained during the final year of Tinubu’s administration. He vowed 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 declared, emphasizing the need for rigorous oversight.
He implored the National Assembly to exercise its constitutional duty by withholding approval for the loans until the President publicly discloses all pertinent information. This includes the specific projects, contracts, costs, contractors, detailed loan terms, and repayment obligations associated with the borrowing plan. Atiku stressed, "No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future."
The burden of proof, Atiku argued, rests squarely on President Tinubu to demonstrate that these loans genuinely serve the national interest rather than narrow political agendas. He cautioned that Nigerians, already grappling with a severe cost of living crisis, should not be forced to pay for debts incurred without adequate public disclosure and accountability. This ongoing controversy is poised to significantly shape the political discourse, offering voters a crucial opportunity to hold the administration accountable for its borrowing decisions and fiscal transparency.
Why This Matters
The controversy surrounding President Tinubu's loan request highlights critical issues of fiscal responsibility, transparency, and accountability in governance. Without clear project details and robust oversight, such substantial borrowings risk exacerbating Nigeria's debt burden and fueling public distrust, ultimately impacting the nation's economic stability and future development prospects.