Key Takeaways
- Former Vice President Atiku Abubakar criticised President Bola Ahmed Tinubu’s request for Senate approval to borrow $20.52 billion and €1.045 billion.
- Atiku said Tinubu had not provided project details and questioned whether loans could reach campaigners and favoured contractors through the Lagos–Calabar Coastal Highway.
- Atiku urged the National Assembly to withhold approval until Tinubu publishes all projects, contracts, costs, contractors, loan terms and repayment obligations.
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has said President Bola Ahmed Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion vindicates his October 12 warning about a loan plan of up to $20 billion.
This was disclosed in a statement on Tuesday to Naija News signed by the Director, Strategic Communication, Phrank Shaibu.
Atiku said the President’s failure to identify the specific projects the loans would fund raises serious concerns that borrowed public money could be channelled through the Lagos–Calabar Coastal Highway, now rerouted inland, to political campaigners and favoured contractors.
Atiku said: “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 asked him to 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.
“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 project details, costs, locations or contractors to scrutinise.
“That silence is especially troubling given the highway’s inland rerouting. Nigerians have every right to ask whether it is becoming a pipeline for borrowed money to reach Tinubu’s campaigners and favoured contractors. Barely 12 weeks before an election, how can the President ask lawmakers to saddle Nigerians with more than $20 billion and €1 billion in debt without identifying the projects and their costs? Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?
“You cannot continue taking frivolous loans on the eve of your departure from office. Let it be on record that one of the first responsibilities I will undertake as President is to scrutinise and investigate every kobo borrowed, especially loans taken in the final year of your tenure. Nigerians will ask questions, and we will find the answers by every lawful means.
“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. Upon assumption of office, I will scrutinise every such loan. Any borrowing found to have been obtained without proper authorisation or process will be challenged and will not be allowed to stand.”
