Atiku Abubakar Challenges Tinubu’s $21 Billion Loan Request

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has formally challenged President Bola Tinubu’s recent request for legislative approval of significant external loans. The request, which seeks authorization for $20.52 billion and €1.045 billion, has prompted calls for greater fiscal accountability from the executive branch.

The Call for Transparency

In a statement issued by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, Abubakar argued that the National Assembly should refrain from approving “a single dollar” until the federal government provides a comprehensive breakdown of the proposed spending. Abubakar emphasized that the current request lacks essential information, including specific project details, contract terms, associated costs, identified contractors, and clear repayment obligations.

Abubakar stated that broad sectoral listings are insufficient to justify the scale of the debt. He asserted that the public and the legislature require a project-by-project account to ensure that funds are allocated appropriately rather than being approved as a “blank cheque” against the nation’s future.

Concerns Regarding the Coastal Highway

A central point of contention in Abubakar’s critique is the Lagos–Calabar Coastal Highway. Abubakar alleged that he had previously warned of a $20 billion borrowing plan linked to this project on October 12, a claim he suggests has been vindicated by the President’s recent submission to the Senate.

Abubakar expressed particular concern regarding the rerouting of the highway inland. He questioned whether the project is being utilized as a mechanism to channel public funds toward political campaigners and preferred contractors, noting that the government’s silence on these specific details remains “troubling.”

Timing and Political Implications

The former Vice President also highlighted the timing of the loan request, which arrives approximately 12 weeks before the upcoming election. He challenged the administration to clarify whether the borrowing is intended as a legitimate development plan or if it serves as a campaign financing scheme.

Abubakar concluded by placing the burden of proof on the President, insisting that the administration must demonstrate that the debt will serve the national interest rather than political objectives. He urged lawmakers to subject the proposal and all supporting documentation to rigorous public scrutiny before taking any legislative action.

Conclusion

As of the time of reporting, the executive branch has not provided a detailed project-by-project breakdown of the loan request, nor has it publicly addressed the specific allegations regarding the rerouting of the Lagos–Calabar Coastal Highway. The debate underscores the ongoing tension regarding transparency in national borrowing practices as the country approaches the election cycle.

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p class=”vbna-source-note”>Source: Channels Television

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