Former Vice-President Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, has called on the National Assembly to hold off on President Bola Tinubu’s request to borrow $20.52 billion and €1.045 billion until the government shows exactly where the money will go.
In a statement issued by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, Atiku argued that the sheer size of the request, paired with the absence of detail, raises the question of whether the funds are meant for development or for politics. He suggested the loans could end up bankrolling campaign activity and rewarding favoured contractors ahead of the 2027 general election.
The statement said the request bears out a warning Atiku issued on October 12, when he claimed Tinubu was preparing to borrow as much as $20 billion in connection with the Lagos–Calabar Coastal Highway.
Atiku’s central complaint is a lack of transparency. “The President has listed broad sectors but has not provided a project-by-project account of what this enormous borrowing will fund,” he said, adding that Nigerians have not been told the costs, locations or contractors involved.
He also took aim at the reported inland rerouting of the Lagos–Calabar Coastal Highway, alleging that the project could serve as a channel for moving borrowed money to Tinubu’s supporters and preferred contractors.
His demand to lawmakers was blunt: no approval until the President publishes every project, contract, cost, contractor, loan term and repayment obligation. Approving the request without such disclosure, he warned, would saddle Nigerians with heavy debt without proper accountability. He urged the Assembly to make the proposal and its supporting documents public and subject them to rigorous scrutiny before voting.
Atiku also sent a message to lenders at home and abroad. If elected, he said, he would review loans taken by the current administration and challenge any found to breach constitutional, statutory or due-process requirements.
The government, Atiku insisted, must demonstrate that the borrowing will serve national development rather than political interests.