‘Tinubu must not borrow another N10.79trn’ — Atiku warns Senate against loan approval

During a recent interview, the presidential candidate of the African Democratic Congress, Atiku Abubakar, cautioned the Senate against granting approval to President Bola Tinubu's request for an additional $7.7 billion foreign loan, which is approximately equivalent to N10.79 trillion. In a statement released on Wednesday by Phrank Shaibu, the Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku questioned why the President was asking for another loan so soon after submitting a previous external borrowing proposal to the National Assembly.

He emphasized that repeated borrowing requests should not be seen as standard government operations, warning that Nigerians will ultimately bear the financial burden of these loans.

Atiku requested detailed information regarding the projects to be financed, their respective costs, interest rates, and repayment conditions. He insisted that the Nigerian people should not be asked to accept a loan without understanding the potential impact on the country. The presidential candidate urged the Senate to demand a comprehensive list of projects, funding allocations, loan terms, and a reliable repayment plan before considering the request.

Atiku also questioned the benefits of previous administrations' borrowings, asking, "What is Tinubu using his loans to finance specifically?"

Furthermore, Atiku accused the Tinubu administration of exacerbating the cost-of-living crisis despite its borrowing activities, urging international lenders to suspend further loans to the government until the administration provides transparent terms and evidence of how previous borrowings have benefited Nigerians. Instead, he proposed a production-based petroleum subsidy as a viable alternative to address the nation's economic challenges, insisting that the National Assembly must hold the executive accountable before approving another loan.