Former Vice-President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has said President Bola Tinubu’s request to borrow $20.52 billion and €1.045 billion confirms his October 12 warning about a planned loan of up to $20 billion.
In a statement by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku questioned why Tinubu had not named the projects the loans would fund.
He raised concerns that the Lagos–Calabar Coastal Highway, which has been rerouted inland, could be used to channel borrowed funds to political campaigners and favoured contractors.
Atiku said: “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. Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated.
“The President has listed broad sectors but has not provided a project by project account of what this enormous borrowing will fund. Nigerians have not been given clear project details, costs, locations or contractors to scrutinise.
He also questioned the timing of the loans, describing them as potentially linked to campaign financing. He vowed to investigate every loan taken during Tinubu’s final year in office if elected President.
Atiku warned local and international lenders that any loan obtained without proper approval or due process would be challenged.
He urged the National Assembly not to approve the borrowing until Tinubu publishes all projects, contracts, costs, contractors, loan terms and repayment obligations.
He added that Tinubu must prove the loans would benefit Nigerians rather than serve his political interests.
