Former Vice President Atiku Abubakar has known as on President Bola Tinubu to publish detailed info on tasks to be financed by his proposed $20.52 billion and €1.045 billion exterior borrowing plan, warning that the absence of project-specific details raises issues about transparency and accountability.
Atiku, the African Democratic Congress (ADC) presidential candidate, mentioned the request vindicated his October 12 warning that the Federal Government was making ready to borrow as much as $20 billion.
He alleged that the proposed borrowing could possibly be used to channel public funds to political associates and favoured contractors, notably in reference to the Lagos–Calabar Coastal Highway, which he alleged had been rerouted inland.
His place was contained in an announcement issued on October 27, 2026, by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.
Atiku questions borrowing transparency
Atiku mentioned the President had recognized broad sectors for the proposed funds however had not supplied a project-by-project breakdown exhibiting the prices, areas, contractors and particular targets of the deliberate investments.
- “On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway. I demanded that he confirm or deny the plan and publish the accounts. He did neither. Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” Atiku mentioned.
He argued that the shortage of detailed undertaking info made it tough for Nigerians to evaluate how the borrowed funds can be spent and whether or not the proposed investments justified the extra debt.
Atiku additionally raised questions in regards to the timing of the request, arguing that lawmakers mustn’t approve such a considerable borrowing plan with out full disclosure of the tasks and their prices.
He questioned whether or not the proposal represented a growth programme for Nigerians or a scheme that might serve political pursuits, though he supplied no proof within the assertion establishing that the proposed funds can be used for marketing campaign financing.
ADC candidate demands Senate scrutiny
Atiku urged the National Assembly to withhold approval till the Federal Government makes the supporting paperwork publicly accessible and topics them to detailed legislative scrutiny.
He known as for disclosure of the tasks, contracts, contractors, prices, loan phrases and compensation obligations related to the proposed borrowing.
- “No public money should be borrowed in the dark. No lawmaker should sign a blank cheque against Nigeria’s future,” he mentioned.
The ADC candidate maintained that transparency was obligatory to ascertain whether or not the proposed loans would serve the nation’s growth priorities relatively than political pursuits.
The Senate is predicted to think about the request by way of the related legislative processes.
Nigeria’s public debt rises
The proposed exterior borrowing comes as Nigeria’s public debt continues to extend.
Data from the Debt Management Office (DMO) confirmed that whole public debt rose to N166.79 trillion as of June 30, 2026, from N159.35 trillion on the finish of March.
The enhance underscores the significance of scrutiny of new borrowing proposals, together with their meant makes use of, financing phrases and implications for future debt repayments.
The Senate’s consideration of Tinubu’s request will present a possibility for lawmakers to look at the proposed financing and search clarification on the tasks and obligations it might cowl.
