Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, and the ADC Presidential Campaign Council (ADC-PCC) have rejected President Bola Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion, describing the transfer as reckless and a hazard to Nigeria’s future.
Atiku mentioned the President’s request vindicates his October 12 warning a couple of mortgage plan of as much as $20 billion.
In a press release issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku mentioned the President’s failure to determine the precise tasks the loans would fund raises severe issues that borrowed public cash might be channelled by way of the Lagos–Calabar Coastal Highway, now rerouted inland, to political campaigners and favoured contractors.
“On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway. I asked him to 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 mentioned.
“The President has listed broad sectors but has not provided a project-by-project account of what this enormous borrowing will fund. Nigerians have not been given clear project details, costs, locations or contractors to scrutinise.”
“That silence is especially troubling given the highway’s inland rerouting. Nigerians have every right to ask whether it is becoming a pipeline for borrowed money to reach Tinubu’s campaigners and favoured contractors. 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? Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?”
Atiku vowed that if elected, he would scrutinise and examine each kobo borrowed, particularly loans taken within the ultimate yr of Tinubu’s tenure.
“You cannot continue taking frivolous loans on the eve of your departure from office. Let it be on record that one of the first responsibilities I will undertake as President is to scrutinise and investigate every kobo borrowed, especially loans taken in the final year of your tenure. Nigerians will ask questions, and we will find the answers by every lawful means,” he mentioned.
“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.”
He urged the National Assembly to not approve a single greenback till the President publishes each challenge, contract, price, contractor, mortgage time period and reimbursement obligation.
“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” Atiku mentioned.
In a separate assertion, the ADC-PCC condemned the recent borrowing request, describing it as reckless, unconscionable and a harmful step in direction of Nigeria’s financial recolonisation.
The Council mentioned the request comes at a time when Nigerians are nonetheless scuffling with the devastating penalties of the administration’s financial insurance policies, together with hovering dwelling prices, elevated taxation and the elimination of gas subsidies.
It expressed concern that the administration continues to pursue aggressive borrowing with out offering Nigerians with a clear and convincing account of how earlier loans and financial savings from subsidy elimination have been utilised.
“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” mentioned Kola Ologbondiyan, Director of Media and Publicity of the ADC-PCC.
“Where is the money saved from fuel subsidy removal? What happened to the previous loans? And why must the government return to the international credit market with another $20 billion and £1 billion when millions of Nigerians are struggling to survive?”
Ologbondiyan mentioned the event raises severe questions concerning the administration’s fiscal priorities, financial route and dedication to accountability.
“This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn. A country cannot continue to accumulate foreign debt without a clear, measurable and transparent account of the benefits accruing to its citizens,” he mentioned.
“President Tinubu cannot continue to impose painful economic sacrifices on Nigerians, claim the benefits of subsidy removal and, at the same time, seek enormous additional loans without adequately explaining how the resources already available to his government have been spent.”
The ADC-PCC argued that an financial technique constructed totally on borrowing and elevated taxation, with out corresponding enhancements in productiveness, infrastructure, employment and residents’ welfare, dangers pushing the nation deeper right into a debt lure.
It warned that extreme dependence on international collectors might expose Nigeria to mounting debt-servicing obligations, constrain future governments’ coverage decisions and undermine the nation’s financial sovereignty.
“The sovereignty of Nigeria must not be compromised by fiscal recklessness. Our national assets, economic independence and the welfare of future generations must not become casualties of an endless borrowing spree,” Ologbondiyan mentioned.
The ADC-PCC known as on the National Assembly to topic the proposed borrowing to rigorous scrutiny and reject it until the Federal Government offers compelling proof of its necessity, sustainability and tangible advantages.
It additionally demanded that President Tinubu publish a complete account of all home and international borrowing undertaken since May 29, 2023, alongside an in depth breakdown of the income realised from subsidy elimination and the way the funds have been utilized.
The Council additional known as for full disclosure of the proposed loans’ functions, rates of interest, reimbursement intervals, related charges, conditionalities and any collateral or ensures connected to the amenities.
“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people,” the ADC-PCC acknowledged.
“The National Assembly must not abdicate its oversight responsibilities. It must insist on accountability and ensure that no borrowing arrangement places the country’s future at unacceptable risk.”
Atiku added that households already scuffling with a cost-of-living disaster shouldn’t be made to hold money owed they didn’t approve.
“The woman fighting to keep her business alive and the worker spending their income just to feed deserve to know where the money is going, who will benefit and who will pay. At the ballot box, Nigerians will have the chance to reject a government that borrows against their future while taking their sacrifices for granted,” he mentioned.
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