Atiku Asks N’Assembly to Suspend Tinubu’s $20.52bn Loan Request

Former Vice-President Atiku Abubakar has urged the National Assembly to suspend consideration of President Bola Tinubu’s proposed external borrowing of $20.52 billion and €1.045 billion until the Federal Government publishes detailed information about the projects the funds are intended to finance.

Atiku, the African Democratic Congress (ADC) presidential candidate, made the demand in a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.

His reaction followed Tinubu’s request for legislative approval of the 2026–2027 Supplementary External Borrowing Plan, which was conveyed in a letter read by Senate President Godswill Akpabio during plenary.

The President said the proposed facilities would support projects and programmes across critical sectors, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

However, Atiku faulted the administration for not providing what he described as a comprehensive, project-by-project breakdown of the proposed borrowing.

He called on the government to publish details of every project, including its location, estimated cost, contractor, financing arrangements, loan conditions and repayment obligations, to enable lawmakers and Nigerians to scrutinise the proposal.

Atiku said the request reinforced concerns he had raised on October 12 over reports that the administration was preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway.

He also questioned the reported inland rerouting of sections of the highway, alleging that the circumstances surrounding the project and the proposed borrowing required greater transparency.

The former vice-president further questioned the timing of the request, arguing that Nigerians should not be committed to substantial additional debt without clear information about how the money would be spent and who would benefit.

He warned that the National Assembly should not approve the proposed facilities without adequate disclosure and rigorous examination of the supporting documents.

Atiku also called on local and international lenders to ensure that any financing arrangement complied with Nigeria’s constitutional, statutory and due-process requirements. He said he would scrutinise loans obtained during the final year of the Tinubu administration if elected president.

Tinubu’s request has not yet received final legislative approval. Following its presentation, the Senate referred the borrowing plan to relevant committees for further scrutiny and directed them to report back within one week.

The proposed borrowing has renewed debate over Nigeria’s debt management, public spending and legislative oversight. The outcome will depend on the National Assembly’s examination of the request and its decision on whether to grant approval.