Former Vice-President Atiku Abubakar has criticised President Bola Tinubu over his request for another $7.7 billion foreign loan, warning that Nigerians should not be burdened with more debt without knowing how the money will be spent.
The proposed loan, worth about N10.79 trillion, comes days after the Federal Government submitted other borrowing requests of $20.52 billion and €1.045 billion to the National Assembly.
In a Wednesday statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku questioned the frequent loan requests and urged the Senate to carefully examine the latest proposal.
“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 previous loans had not delivered clear benefits to Nigerians, while families and businesses continued to struggle 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 demanded details of the projects, costs, interest rates, repayment plans and conditions attached to the proposed loan.
“No government should receive a blank cheque to contract foreign debt in the name of budget implementation,” he warned.
He also questioned why subsidy removal had not improved living conditions despite increased borrowing.
“Tinubu removed subsidy on petroleum products but has emerged as the highest borrowing government in Nigeria’s record history,” he said.
Atiku further called for a suspension of fresh loans until the government provides clear borrowing terms, a repayment plan and evidence of the impact of previous loans.
He also accused the administration of failing to address poor living conditions, inadequate infrastructure and the lack of social welfare programmes.
“Nigerians are hungry and angry. Public infrastructure are limited; social welfare intervention is non-existent. Yet Nigeria is owing massively under Tinubu,” he said.
He asked: “What is Tinubu using his loans to finance specifically?”
Atiku said his economic plan would include a production-based petroleum subsidy to support social welfare and productive activities.
He urged the Senate to demand satisfactory answers before approving another major borrowing request.
