Atiku Unleashes Fury: Demands Senate Kill Tinubu's Jaw-Dropping $20.52BN Loan Bid!

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has strongly urged the Nigerian Senate to reject President Bola Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion. Atiku insists that lawmakers must demand full, granular details regarding these proposed external loans before granting any approval. This call comes as Atiku stated that the President’s request validates his earlier warning on October 12, where he raised concerns about a potential loan plan of up to $20 billion.

In a statement released by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, Atiku expressed serious reservations about the President’s failure to identify the specific projects that these substantial loans would fund. He voiced concerns that without proper project-by-project accountability, the borrowed public money could potentially be funneled through initiatives like the controversial Lagos–Calabar Coastal Highway, especially given its recent rerouting inland. Atiku fears these funds might be directed towards political campaigners and favored contractors, particularly with an election just weeks away.

Atiku emphasized that the current lack of transparency, with only broad sectors listed and no clear project details, costs, locations, or contractors, is deeply troubling. He questioned whether the proposed borrowing constitutes a legitimate development plan for Nigerians or a thinly veiled campaign financing scheme, especially considering the timing. He challenged the President’s expectation for lawmakers to approve such a massive debt without providing comprehensive project specifics.

Furthermore, Atiku has vowed that if elected, his administration would initiate a thorough probe into all loans taken under President Tinubu’s tenure, with a specific focus on those acquired in the final year of the administration. He placed local and international lenders on notice, asserting that any loan granted to the current “winding down administration” must strictly adhere to all constitutional, statutory, and due process requirements. Atiku declared that any borrowing found to have been obtained without proper authorization or process would be challenged and would not be allowed to stand.

He reiterated his plea to the National Assembly, urging them not to approve any funds until the President publishes every single project, contract, cost, contractor, loan term, and repayment obligation. Atiku stressed that public money should never be borrowed in the dark, and lawmakers should not issue a “blank cheque” against Nigeria’s future. He placed the onus on President Tinubu to unequivocally demonstrate that the borrowing serves the country’s best interests, not his political agenda. Atiku called for the proposal and its supporting documents to be made public and subjected to rigorous scrutiny, arguing that families already grappling with a cost-of-living crisis should not bear unapproved debts. He concluded by stating that Nigerians deserve to know where the money is going, who benefits, and who will ultimately pay, allowing them to make an informed decision at the ballot box.