Atiku Abubakar warns President Bola Tinubu must prove his new multi-billion dollar loan request is for public good.
Former Vice President Atiku Abubakar has challenged President Bola Tinubu to prove that a newly requested foreign loan is strictly for public infrastructure. The political figure issued this stern warning regarding massive external borrowing plans.
The controversy centers around a recent financial request submitted to the National Assembly. President Bola Tinubu is seeking legislative approval to secure a fresh external loan package totaling over 20 billion dollars and 1 billion euros.
According to information published by The Sun Nigeria, the opposition figure criticized the executive branch for failing to provide specific project breakdowns, raising serious transparency concerns ahead of future political cycles.
Atiku Alleges Links To Coastal Highway
The prominent politician argued that the administration's silence on precise project details is deeply troubling. He specifically pointed to the Lagos-Calabar Coastal Highway project as a potential pipeline for campaign funds.
The opposition leader claimed that the highway, which was recently rerouted inland, might channel borrowed public money directly to political campaigners and favored contractors unless transparently audited.
National Assembly Urged To Scrutinize Request
Speaking through the Director of Strategic Communication for the ADC Presidential Campaign Council, Phrank Shaibu, the coalition urged lawmakers to thoroughly examine every supporting document.
Legislators were explicitly told not to approve a single dollar until the presidency publishes comprehensive project lists, contract costs, contractor identities, and exact repayment obligations.
Future Administration Threatens Loan Review
The former Vice President placed both local and international lenders on strict notice regarding the winding-down administration. He vowed that future leadership would investigate every borrowed kobo.
Any financial agreement found to be secured without proper statutory authorization will face legal challenges and will not be permitted to stand under a new administration.
Frequently Asked Questions
What is the total value of the fresh loan requested by President Tinubu?
President Bola Tinubu wrote to the National Assembly seeking approval for a fresh external loan of $20.52 billion and €1.045 billion.
Why is Atiku Abubakar questioning the new loan request?
Atiku Abubakar argues that the administration failed to identify specific projects, raising concerns that the funds could be channeled into political campaigns for 2027.
What did Atiku tell the National Assembly and lenders?
He urged the National Assembly to withhold approval until all project costs are published and warned international lenders that future administrations will scrutinize these loans.
Which specific infrastructure project was linked to the loan controversy?
The controversy involves the Lagos-Calabar Coastal Highway, which was recently rerouted inland according to opposition statements.
