Atiku Accuses Tinubu of Seeking $21.5bn Loans for Campaign Financing
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused President Bola Tinubu’s administration of risking the diversion of proposed external loans worth billions of dollars for political campaign financing.
Atiku made the allegation following Tinubu’s request to the Senate for approval to borrow $20.52 billion and €1.045 billion to finance infrastructure and development projects.
In a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the borrowing request vindicated his October 12 warning that the Federal Government was planning to secure loans of up to $20 billion.
He expressed concern that the President had not provided a detailed breakdown of the specific projects to be financed, including their locations, costs and contractors.
According to Atiku, the lack of transparency raises questions about whether the proposed borrowing could be used to channel public funds to political allies and favoured contractors through the Lagos–Calabar Coastal Highway project, which he alleged had been rerouted inland.
The former vice president questioned the timing of the proposed borrowing, arguing that Nigerians should not be burdened with additional debt without clear information on how the funds would be spent.
He challenged the National Assembly to withhold approval until the Federal Government publishes comprehensive details of the projects, contracts, contractors, costs, loan terms and repayment obligations.
Atiku also warned local and international lenders that any loans granted to the outgoing administration must comply with constitutional, statutory and due process requirements.
He said that, if elected president, he would investigate all borrowings undertaken during the final year of Tinubu’s administration and challenge any loans found to have been obtained without the necessary authorisation or due process.
The ADC presidential candidate further urged lawmakers to subject the borrowing proposal and its supporting documents to rigorous scrutiny before making a decision.
Atiku maintained that the government had a responsibility to demonstrate that the proposed loans would serve the national interest rather than political objectives.
He also expressed concern over the potential impact of additional debt on households already struggling with the rising cost of living, insisting that Nigerians deserved to know who would benefit from the borrowing and who would ultimately bear the repayment burden.
The statement concluded with a call for transparency and accountability in public borrowing, warning that lawmakers should not approve loans without sufficient information about their intended use.
