Former Vice President Atiku Abubakar has referred to as on worldwide monetary establishments and international lenders to droop contemporary loans to President Bola Tinubu’s administration till the Federal Government offers full particulars of its borrowing phrases, compensation plans and the advantages of earlier loans.
Atiku made the decision whereas reacting to President Tinubu’s request for Senate approval to safe $7.7 billion, equal to roughly ₦10.79 trillion, in exterior financing to part-fund Nigeria’s 2026 finances deficit.
In an announcement issued on Wednesday by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council, Atiku criticised the administration’s reliance on international borrowing, questioning the frequency of its requests for added loans.
The former vp expressed concern that the newest request got here shortly after the President had introduced an earlier exterior borrowing proposal involving $20.52 billion and €1.045 billion to the National Assembly.
He argued that Nigerians shouldn’t be anticipated to deal with repeated borrowing proposals as routine authorities enterprise, warning that the monetary obligations would in the end fall on taxpayers and future generations.
“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” Atiku queried.
He maintained that borrowing mustn’t develop into an alternative to sound financial administration, notably at a time when households and companies are battling rising residing prices.
Atiku additionally questioned the precise tasks the proposed $7.7 billion facility would finance, demanding particulars of venture prices, funding allocations, rates of interest, compensation schedules and different mortgage circumstances.
He expressed concern that the President’s communication indicated that the ultimate phrases, together with rates of interest and compensation durations, would rely upon prevailing market circumstances on the time of pricing.
According to him, Nigerians shouldn’t be anticipated to just accept further international debt with out realizing its precise monetary implications.
The former vp consequently urged the Senate to scrutinise the borrowing proposal completely and demand complete documentation from the Federal Government earlier than granting approval.
He mentioned lawmakers should insist on an in depth venture record, clear funding allocations, clearly outlined mortgage circumstances and a reputable compensation technique.
Atiku additional referred to as on worldwide companies and monetary establishments to cease extending contemporary loans to the Tinubu administration till it demonstrates transparency in its borrowing preparations and offers proof of how earlier loans have benefited Nigerians.
He additionally criticised the administration’s borrowing report regardless of its removing of the petroleum subsidy, arguing that the rising debt burden had not translated into improved residing circumstances for peculiar residents.
According to him, Nigerians proceed to face a extreme cost-of-living disaster, with many households struggling to afford fundamental requirements and companies battling rising working bills.
He additionally questioned the federal government’s infrastructure funding priorities, alleging that vital infrastructure deficits persist regardless of the quantity of public borrowing.
“So the question is: what is Tinubu using his loans to finance specifically?” he requested.
Atiku lamented that many Nigerians remained confronted by starvation and financial hardship, whereas entry to sufficient public infrastructure and efficient social welfare interventions remained restricted.
He warned that the nation couldn’t proceed accumulating international debt with out a clear technique for translating borrowed funds into financial development, employment alternatives and improved residing requirements.
As an alternate, the previous vp mentioned his financial agenda would prioritise social welfare, home manufacturing and insurance policies aimed toward lowering the monetary burden on households.
He particularly proposed the introduction of a production-based subsidy on qualifying petroleum merchandise, which he mentioned would assist restore social welfare assist and enhance financial circumstances for Nigerians.
Atiku additionally urged the National Assembly to do not forget that its constitutional accountability was to Nigerians and never merely to the chief arm of presidency.
He insisted that lawmakers should demand passable solutions from the Federal Government earlier than approving one other borrowing association price trillions of naira.
The newest growth comes as President Tinubu’s $7.7 billion exterior borrowing request has been referred to the Senate Committee on Local and Foreign Debts for additional legislative consideration. The President’s newest proposal additionally supersedes his earlier $20.52 billion and €1.045 billion borrowing request, in keeping with the Senate President, Godswill Akpabio.
The assertion was signed by Phrank Shaibu, Director of Strategic Communication, ADC Presidential Campaign Council, and dated November 4, 2026.
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