Legislature
2027: Atiku Questions Tinubu’s $20.52bn Loan Plan, Warns Against Political Spending
The presidential candidate of the African Democratic Congress (ADC) and former Vice-President, Atiku Abubakar, has urged the National Assembly to reject President Bola Tinubu’s request to borrow $20.52 billion and €1.045 billion, alleging that the proposed loans could be used to finance political campaigns and benefit favoured contractors.
Atiku also accused President Tinubu of failing to provide project-by-project details of how the proposed loans would be spent, making it difficult for Nigerians to scrutinise the plans.
These concerns were contained in a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council. The statement said the request vindicated Atiku’s October 12 warning that Tinubu was preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway.
Atiku questioned whether the proposed borrowing was intended to fund infrastructure development or serve political interests ahead of the 2027 general election.
In his words, Atiku said: “The President has listed broad sectors but has not provided a project-by-project account of what this enormous borrowing will fund. Nigerians have not been given clear details of the projects, their costs, locations or contractors”.
The former Vice-President specifically raised concerns over the reported inland rerouting of the Lagos–Calabar Coastal Highway, alleging that the project could become a channel for directing borrowed funds to Tinubu’s campaigners and preferred contractors.
Atiku therefore urged lawmakers to withhold approval of the proposed €1.045 billion loan until the President publishes details of every project to be funded, including contracts, costs, contractors, loan terms and repayment obligations.
He further stated: “The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation”.
Atiku warned that approving the loans without adequate disclosure would amount to committing Nigerians to substantial debt without sufficient accountability.
He also put local and international lenders on notice, stressing that he would scrutinise loans obtained by the administration if elected President and challenge any borrowing found to have violated constitutional, statutory or due-process requirements.
The former Vice-President further urged the National Assembly to make the loan proposal and its supporting documents public and subject them to rigorous scrutiny before reaching a decision.
According to Atiku, the proposed external borrowing request includes $20.52 billion and €1.045 billion. He emphasised that the government must demonstrate that the funds would serve the country’s development needs rather than political interests.