‘Is this a campaign financing scheme?’ — Atiku asks National Assembly to reject Tinubu’s $20bn, €1bn loans request

Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has urged the national assembly to withhold approval for President Bola Tinubu’s proposed external borrowing plan of $20.52 billion and €1.045 billion.

In a statement issued on Tuesday by Phrank Shaibu, director of strategic communication of the ADC presidential campaign council, Atiku questioned the timing and purpose of the proposed borrowing.

The former vice-president said the request vindicated his October 12 warning that Tinubu was preparing to borrow up to $20 billion for the Lagos-Calabar coastal highway.

He said the president had not provided sufficient details of the projects to be funded, including their locations, costs and contractors, to enable Nigerians to scrutinise the proposed expenditure.

Atiku also expressed concern that the loans could be channelled to political campaigners and favoured contractors, citing the reports that the coastal highway had been rerouted inland.

“Barely 12 weeks before an election, how can the President ask lawmakers to saddle Nigerians with more than $20 billion and €1 billion in debt without identifying the projects and their costs?” he asked.

“Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?”

Tinubu’s borrowing request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

In the letter, the president said the proposed borrowing would fund projects and programmes across infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” Tinubu said.

“These funds will primarily be directed towards critical infrastructure projects in various sectors including power, transportation and healthcare, amongst others.”

‘TINUBU MUST PROVIDE DETAILS OF PROJECTS TO BE FUNDED’

However, Atiku called on the national assembly not to approve the loans until the president published details of every project, contract, cost, contractor, loan term and repayment obligation.

He said Nigerians deserved to know how the borrowed funds would be spent and who would benefit from the projects.

“You cannot continue taking frivolous loans on the eve of your departure from office,” he said.

“I put local and international lenders on notice: any loan granted to this winding-down administration must meet all constitutional, statutory and due process requirements. Upon assumption of office, I will scrutinise every such loan.

“Any borrowing found to have been obtained without proper authorisation or process will be challenged and will not be allowed to stand.”

The ADC presidential candidate said families already struggling with the cost-of-living crisis should not be burdened with additional debt without adequate transparency and accountability.

He urged lawmakers to subject the borrowing proposal and its supporting documents to rigorous scrutiny before making a decision.