Former Vice-President Atiku Abubakar has urged the National Assembly to reject President Bola Tinubu’s latest foreign loan request, alleging that the proposed borrowing could become a campaign slush fund for political loyalists and favoured contractors.
Atiku, the African Democratic Congress (ADC) presidential candidate, said Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion had vindicated his October 12 warning that the President was preparing to secure up to $20 billion in foreign loans.
In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku faulted the President for failing to provide a detailed breakdown of the projects the loans would finance.
He said the government had listed broad sectors without disclosing specific projects, their locations, costs or the contractors expected to execute them.
Atiku expressed particular concern over the rerouting of the Lagos-Calabar Coastal Highway inland, alleging that the project could provide a channel for diverting borrowed funds to political campaigners and favoured contractors.
He questioned the timing of the proposed borrowing, arguing that Nigerians should not be saddled with massive debts without clear information on how the money would be spent, especially so close to an election.
The former Vice-President challenged Tinubu to publish the full details of the proposed loans, including project costs, contracts, contractors, loan conditions and repayment obligations, before seeking legislative approval.
He warned the National Assembly against approving the request without rigorous scrutiny, insisting that lawmakers must not give the President a blank cheque to incur further debts on behalf of Nigerians.
Atiku also put local and international lenders on notice that any loans granted to the outgoing administration must comply with constitutional provisions, statutory requirements and due process.
He vowed to scrutinise and investigate every loan obtained during the final year of Tinubu’s administration if elected President, adding that any borrowing found to have violated due process would be challenged through lawful means.
Atiku maintained that the burden was on Tinubu to demonstrate that the proposed borrowing was intended to serve the national interest rather than advance political interests.
He called on lawmakers to make the loan proposal and its supporting documents public and subject them to thorough examination before taking a decision.
