By Clement Nwabuko
ABUJA (PRECISE POST) – Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has said President Bola Tinubu’s request for legislative approval to secure $20.52 billion and €1.045 billion in external loans vindicates his October 12 warning that the Federal Government was planning to borrow up to $20 billion.
Atiku, however, expressed concern over the alleged failure to provide project-by-project details of the proposed borrowing, warning that the absence of specific information on project locations, costs and contractors raises questions about transparency and accountability.
He also questioned whether the Lagos–Calabar Coastal Highway, reportedly rerouted inland, could become a channel for directing borrowed public funds to Tinubu’s political associates and favoured contractors.
In a statement issued on Tuesday, October 27, 2026, by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the President had yet to provide sufficient details to enable Nigerians scrutinise the proposed borrowing.
“At the time, I demanded that he 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,” Atiku said.
He noted that although the President had outlined broad sectors expected to benefit from the loans, Nigerians had not been given a comprehensive breakdown of the projects to be financed.
According to him, the absence of clear project descriptions, estimated costs, locations and contractors undermines public scrutiny of a borrowing plan of such magnitude.
Atiku said the concerns were heightened by the controversy surrounding the Lagos–Calabar Coastal Highway and its reported rerouting inland, insisting that Nigerians deserved clear answers on how the proposed loans would be deployed.
“How can any President, barely 12 weeks before an election, ask lawmakers to saddle Nigerians with more than $20 billion and €1 billion in debt without identifying the projects and their costs?” he asked.
He further questioned whether the proposed borrowing was genuinely designed to advance national development or could serve political interests under the guise of infrastructure development.
“Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure? Tinubu must answer,” he said.
The former vice president urged the National Assembly to withhold approval of the loan request until the Federal Government publishes comprehensive details of every proposed project, including contracts, costs, contractors, loan conditions and repayment obligations.
He maintained that lawmakers had a responsibility to protect public resources and ensure that any borrowing undertaken in the country’s name was subjected to rigorous scrutiny.
“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 said.
He called on the National Assembly to make the loan proposal and all supporting documents available to the public before taking a decision, stressing that transparency must be non-negotiable when public debt is involved.
“I warned Nigerians before this request reached the Senate. Now the burden is on Tinubu to prove that this borrowing will serve the country, not his political interests,” he added.
