Atiku tackles Tinubu over fresh $7.7bn loan

…warns against burdening future govts By Luminous Jannamike ABUJA – Former Vice President Atiku Abubakar has challenged President Bola Tinubu over his request for another $7.7 billion foreign loan, warning against committing Nigerians and future administrations to mounting debt without full disclosure of how the money will be spent. Atiku said the latest request, equivalent to about N10.79 trillion, was coming barely days after the Federal Government presented separate borrowing proposals of $20.52 billion and €1.045 billion to the National Assembly, raising questions about the administration’s appetite for foreign loans amid worsening economic hardship.

In a statement by Phrank Shaibu, Director of Strategic Communication, ADC Presidential Campaign Council, on Wednesday, Atiku questioned the frequency of the borrowing requests and demanded that the Senate subject the latest proposal to rigorous scrutiny. “What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” he queried.

He argued that Nigerians were being saddled with fresh debt obligations without sufficient explanation of the benefits of previous borrowings, while households and businesses continued to grapple with rising costs. “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,” he said.

Atiku specifically demanded disclosure of the projects to be funded, their individual costs, interest rates, repayment schedules and other conditions, noting that the President’s letter indicated that final loan terms would depend on market conditions when the borrowing was priced. “No government should receive a blank cheque to contract foreign debt in the name of budget implementation,” he warned.

He also cautioned that Tinubu’s administration must not saddle Nigerians and succeeding governments with fresh financial obligations without demonstrating how previous loans had benefited the country. Atiku called on international agencies and lenders to suspend fresh lending to the administration until it provides transparent borrowing terms, a credible repayment plan and clear evidence of the impact of previous loans.

Turning to the administration’s economic record, the former Vice President questioned why the removal of petroleum subsidy had not translated into improved living conditions, despite the scale of government borrowing. “Tinubu removed subsidy on petroleum products but has emerged as the highest borrowing government in Nigeria’s record history,” he said.

He further accused the administration of presiding over worsening living conditions, inadequate infrastructure and the absence of effective social welfare interventions. “Nigerians are hungry and angry. Public infrastructure are limited; social welfare intervention is non-existent. Yet Nigeria is owing massively under Tinubu,” he said. Questioning the purpose of the fresh borrowing, Atiku asked: “What is Tinubu using his loans to finance specifically?” He said his alternative economic approach would include a production-based subsidy on petroleum products, which he described as a way of restoring social welfare and supporting productive economic activities.

Atiku urged the Senate to remember its accountability to Nigerians, insisting that lawmakers must obtain satisfactory answers on the proposed borrowing before approving another multitrillion-naira debt obligation.