Atiku Slams Tinubu’s $20.5bn Loan Plan: Calls for Transparency Amid Concerns of Political Favoritism
Former Vice President Atiku Abubakar has sharply criticized President Bola Tinubu’s recent request for approval to borrow $20.52 billion and €1.045 billion, claiming it validates his earlier warnings about the administration’s financial intentions.
Atiku, the presidential candidate of the African Democratic Congress (ADC), stated that the lack of detailed project information raises serious concerns about transparency and potential misuse of public funds.
He specifically highlighted the Lagos–Calabar Coastal Highway project, alleging it has been rerouted for political advantage.
In a statement released by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, Atiku recalled his warning on October 12 regarding the proposed borrowing plan.
“Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” Atiku asserted.
He emphasized that without clear details on project costs, locations, and contractors, Nigerians should not bear the burden of such significant debt.
Atiku questioned the integrity of the highway project, pondering if it is a genuine development initiative or merely a facade for campaign financing as elections loom.
“I put local and international lenders on notice: any loan granted to this winding-down administration must meet all constitutional, statutory, and due process requirements,” he stated, expressing his intent to scrutinize loans taken during the final year of Tinubu’s presidency if he were to win the election.
Atiku urged the National Assembly to withhold approval for the loan until all project-related information is disclosed, including contracts and repayment terms.
“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” he insisted.
The former Vice President positioned the burden of proof on Tinubu to demonstrate that the loans would serve the national interest and not political agendas.
He cautioned against imposing further financial strain on Nigerians already grappling with rising living costs due to undisclosed debts.
This controversy could significantly shape the upcoming political landscape, providing voters with a chance to hold the current administration accountable for its borrowing decisions.
As the dialogue around the loans intensifies, Atiku’s call for transparency resonates with a populace seeking clarity and accountability.
As the political contest heats up, the implications of these financial moves could become a focal point in determining the direction of Nigeria’s leadership.
With questions swirling about the administration’s financial integrity, the upcoming months will be pivotal for both Atiku and Tinubu.
