Atiku Urges Senate to Reject Tinubu’s $7.7bn Loan Request

Former Vice-President Atiku Abubakar has urged the Senate to reject President Bola Tinubu’s latest request to borrow $7.7 billion externally, warning that the proposed facility would add to Nigeria’s debt burden and place further financial pressure on future administrations.

Atiku made the appeal in a statement issued on Wednesday, November 4, 2026, by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council.

The proposed loan, valued at approximately ₦10.79 trillion, is intended to partly finance the 2026 budget deficit.

Atiku questioned the frequency of the Federal Government’s borrowing requests, noting that the latest proposal came shortly after an earlier request for $20.52 billion and €1.045 billion in external loans was submitted to the National Assembly.

He described the successive borrowing requests as alarming and argued that Nigerians should not be expected to treat additional foreign loans as routine government business.

“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” he asked.

The former vice-president called on the Senate to demand a comprehensive breakdown of the projects to be financed, their costs, interest rates, repayment schedules and other conditions attached to the proposed facility.

He also questioned the provision in the President’s letter stating that the final loan terms, including interest rates and repayment periods, would depend on prevailing market conditions when the funds are raised.

According to Atiku, lawmakers should not approve a borrowing arrangement without knowing its full financial implications for the country.

He further urged international lenders and financial institutions to suspend fresh lending to the Tinubu administration until the government provides transparent loan terms, a credible repayment plan and evidence of the benefits of previous borrowings.

Atiku also criticised the administration’s economic management, arguing that Nigerians continue to face rising living costs despite the government’s reliance on external loans.

President Tinubu’s latest request seeks approval for $7.7 billion in external borrowing to support projects and programmes under the 2026 Appropriation Act, covering sectors including defence, transportation, agriculture, power, education and healthcare.

The request was referred to the Senate Committees on Local and Foreign Debts and Appropriations for further consideration.

Atiku’s call comes as the National Assembly considers the proposed borrowing and broader concerns continue over Nigeria’s debt obligations and the cost of servicing them.