Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has urged the National Assembly to withhold approval for President Bola Tinubu’s proposed external loans.
He demanded that the lawmakers reject the request until the presidency publishes comprehensive details of the projects to be funded.
President Tinubu recently transmitted a request to the Senate seeking approval to borrow $20.52 billion and €1.045 billion. Atiku stated that the National Assembly must not approve a single dollar until the Federal Government provides full transparency on every contract, cost, contractor, and repayment obligation.
The former vice president maintained that the President’s request vindicates his earlier warning on October 12 regarding a planned $20 billion borrowing linked to the Lagos-Calabar Coastal Highway.
He faulted the presidency for listing broad sectors instead of a project-by-project account to justify the enormous debt.
In a statement issued on Tuesday by the Director of Strategic Communication of the ADC Presidential Campaign Council, Phrank Shaibu, Atiku raised serious concerns over the rerouting of the coastal highway project.
“That silence is especially troubling when the Coastal Highway has been rerouted inland. Nigerians have every right to ask whether the highway is being turned into a pipeline for borrowed money to reach Tinubu’s campaigners and favoured contractors.”
Atiku further questioned the timing of the loan request, pointing out that seeking over $20 billion and €1 billion in additional debt barely 12 weeks to an election raises serious accountability concerns.
He insisted that no public money should be borrowed in the dark without lawmakers scrutinising the supporting documents.
“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation. No public money should be borrowed in the dark. No lawmaker should sign a blank cheque against Nigeria’s future”, Atiku.
The presidential candidate recalled his earlier warnings about the massive loan, adding that the burden now falls on the presidency to justify the request. He challenged President Tinubu to assure Nigerians that the borrowed funds will not be diverted for political campaigns.
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