Former Vice President Atiku Abubakar has condemned President Bola Tinubu’s request for Senate approval to borrow another $7.7 billion, or approximately ₦10.79 trillion, to part-finance the 2026 budget deficit.
Atiku urged the Senate to scrutinise the loan request before taking any legislative action.
“The Senate must scrutinise this proposal line by line. It must demand a full project list, clear funding allocations, the proposed loan terms and a credible repayment plan before considering approval,” he said .
“No government should receive a blank cheque to contract foreign debt in the name of budget implementation.”
The presidential candidate of the African Democratic Congress (ADC) condemned the frequency of borrowing by the Tinubu administration since it came to office.
In a statement by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku asked: “What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?”
A Pattern of Borrowing Requests
Atiku noted that barely days after an external borrowing proposal of $20.52 billion and €1.045 billion was presented to the National Assembly, another request for $7.7 billion is now before the Senate.
“Nigerians cannot be expected to treat this relentless borrowing as routine paperwork,” he said.
According to him, every new foreign loan is a bill Nigerians will eventually have to pay.
“This government cannot keep presenting borrowing as a substitute for sound economic management while families and businesses carry the cost of its failures,” Atiku said.
Questions Without Answers
Atiku raised urgent questions about the latest request.
“Which specific projects will receive the money? How much will each project cost? What are the repayment schedule, interest rate and other conditions?” he asked.
He noted that the President’s letter indicated that the final terms would depend on market conditions when the borrowing is priced.
“Nigerians should not be asked to accept a loan before they know what it will cost the country,” he said.
Atiku also called on international agencies and lenders to stop extending new loans to the administration until it provides transparent terms and evidence of how previous borrowings have benefited Nigerians.
“Tinubu removed subsidy on petroleum products but has emerged as the highest borrowing government in Nigeria’s record history,” he said.
An Alternative Plan
Atiku said his plan is to return social welfare to the Nigerian people through the introduction of a production-based subsidy on petroleum products.
“Nigeria cannot borrow its way out of every budget shortfall,” he said.
“The National Assembly must remember that it is accountable to Nigerians, not merely to the executive. Before approving another trillion-naira burden, it must make the government answer the questions Nigerians are asking.”
