Atiku asks National Assembly to reject Tinubu’s loan request as he claims it's campaign slush fund

Former Vice-President Atiku Abubakar has called on the National Assembly to scrutinise President Bola Tinubu’s request to borrow $20.52 billion and €1.045 billion, saying the government should publish details of the projects and repayment obligations before lawmakers consider the proposal.

Atiku, the presidential candidate of the African Democratic Congress, said the request vindicated a warning he issued on October 12 about a reported plan to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway. In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said he had asked the President to confirm or deny the earlier report and publish the relevant accounts.

“On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway. I asked him to confirm or deny the plan and publish the accounts. He did neither,” he said. “Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated.”

Atiku argued that although the President had identified broad sectors for the proposed borrowing, Nigerians had not been given a project-by-project account showing the costs, locations and contractors involved. He raised concerns about the planned inland rerouting of the Lagos–Calabar Coastal Highway, alleging that the project could become a channel through which borrowed funds reach political campaigners and favoured contractors.

Atiku did not provide evidence in the statement establishing that the proposed loans would be used for campaign financing or diverted to contractors. The borrowing request alone does not establish a connection to the highway. He questioned why the administration was seeking approval for the loans close to the general election without, in his view, providing sufficient details for public scrutiny.

“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. The former vice-president said that, if elected, he would review borrowing undertaken by the Tinubu administration, particularly loans obtained in its final year.

He said his administration would investigate the transactions through lawful means and examine whether they complied with constitutional, statutory and due process requirements. “One of the first responsibilities I will undertake as President is to scrutinise and investigate every kobo borrowed, especially loans taken in the final year of your tenure,” Atiku said.

He also addressed local and international lenders, saying any loan granted to the administration should meet all applicable legal and procedural requirements. Atiku said borrowing found to have been obtained without proper authorisation or due process would be challenged if he assumed office.

He urged the National Assembly to make the loan proposal and supporting documents public and conduct a thorough review before reaching a decision. According to him, lawmakers should demand details of every proposed project, contract, cost, contractor, loan condition and repayment obligation.

“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation,” he said. Atiku maintained that the administration had a responsibility to demonstrate that the proposed borrowing would serve Nigeria’s development needs.