Atiku to Tinubu: $20.5bn loan plan vindicates my warning
Former VP Atiku Abubakar Criticizes Tinubu’s Proposed Loans
By Luminous Jannamike
Former Vice President Atiku Abubakar has expressed concerns regarding President Bola Tinubu’s request for Senate approval to borrow $20.52 billion and €1.045 billion. He asserts that this request corroborates his previous warning about a proposed $20 billion loan, during which he claimed the current administration has not disclosed the specific projects for which these funds would be utilized.
Atiku highlighted the lack of project-by-project details as a significant transparency issue, raising concerns that public funds could potentially benefit political allies and preferred contractors. He specifically mentioned the Lagos–Calabar Coastal Highway project, alleging that it may have been redirected inland.
In a statement released by Phrank Shaibu, Director of Strategic Communication for the African Democratic Congress (ADC) Presidential Campaign Council, Atiku recalled his cautionary remarks made on October 12 regarding the reported borrowing plan. He challenged President Tinubu to verify or refute these claims and to publish the related financial details.
“Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” Atiku stated.
The former vice president criticized the administration for not providing comprehensive information about the projects, including their costs and locations, as well as the contractors involved. He insisted that the Nigerian public should not be obliged to assume such a substantial debt without clarity on how the funds will be expended.
He raised questions about whether the highway project could serve as a vehicle for directing borrowed funds to political affiliates, especially with elections approaching.
“Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?” Atiku questioned.
Atiku also vowed to investigate any loans acquired during the latter part of Tinubu’s presidency should he be elected. He committed to challenging any borrowing found to violate constitutional, statutory, or due process requirements.
“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,” he warned.
Furthermore, he urged the National Assembly to delay approval of the loans until the President provides details regarding the projects, contracts, costs, contractors, loan terms, and repayment obligations associated with the borrowing plan.
“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” he asserted.
Atiku emphasized that it is the responsibility of President Tinubu to prove that the loans serve the national interest rather than political motives, cautioning that Nigerians already grappling with rising living costs should not bear the financial burden of debts incurred without sufficient public accountability.
As the political landscape continues to evolve, Atiku suggested that this borrowing controversy may provide voters with an opportunity to hold the current administration accountable for its financial decisions.
