Atiku urges Senate to reject Tinubu’s $7.7bn loan request

Former Vice President Atiku Abubakar has called on the Senate to reject President Bola Tinubu's proposed $7.7bn external loan, arguing that it would further strain Nigerians and future governments. Tinubu's administration has requested multiple loans in recent days, totaling $7.7bn and €1.045bn. Atiku criticized the frequency of these requests, stating that Nigerians should not be treated as routine legislative recipients.

He urged the Senate to scrutinize the proposal and demand detailed information about the projects to be financed, their costs, interest rates, and repayment schedules. Atiku also questioned the President's ability to provide a final borrowing amount based on future market conditions. The opposition politician accused the government of contributing to a worsening cost-of-living crisis despite removing petrol subsidies and continuing to borrow.

Atiku proposed restoring social welfare programs and suggested using a production-based subsidy on petroleum products to address the issue.