‘Is this a campaign financing scheme?’ Atiku urges National Assembly to reject Tinubu’s $20.5bn loans

The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on the National Assembly to reject President Bola Tinubu’s proposed external borrowing of $20.52 billion and €1.045 billion.

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

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

He argued that the president had not provided adequate information about the projects the loans would fund, including their locations, costs and contractors, preventing Nigerians from properly scrutinising the proposed expenditure.

Atiku also raised concerns that the funds could be channelled to political campaigners and favoured contractors, pointing to 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 proposal was presented in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

In the letter, the president said the proposed loans would finance projects and programmes covering infrastructure, agriculture, healthcare, education, water supply, security, job creation 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’

Atiku urged the National Assembly to withhold approval until the president released comprehensive details of every project, contract, cost, contractor, loan term and repayment obligation.

He maintained that Nigerians had a right to know how the borrowed funds would be spent and who stood to 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 further argued that families already facing the cost-of-living crisis should not be subjected to additional debt without adequate transparency and accountability.

He called on lawmakers to thoroughly examine the borrowing proposal and its supporting documents before deciding whether to approve it.