Atiku urges N’assembly to block Tinubu’s $7.7bn loan request

Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has urged the National Assembly to turn down President Bola Tinubu’s request to secure $7.7 billion in external loans, valued at approximately N10.79 trillion, to fund part of the 2026 budget deficit.

In a statement released on Wednesday, Phrank Shaibu, director of strategic communication for the ADC presidential campaign council, said Atiku considered the proposed borrowing an additional financial burden on Nigerians. He also expressed concern over the federal government’s repeated requests for foreign loans.

On Tuesday, Godswill Akpabio, senate president, presented Tinubu’s October 26 letter requesting approval for the external borrowing during plenary.

The proposed loan represents the foreign borrowing component of the N29.2 trillion approved under the 2026 Appropriation Act, which is intended to address a budget deficit estimated at N31.4 trillion.

Tinubu stated that the government could obtain the funds from one or several sources, including multilateral and bilateral lenders, International Monetary Fund (IMF) facilities, bridge financing and Eurobond offerings.

“I believe this letter effectively supersedes the earlier request for $20.3 billion because the present request is more explicit. It also recognises that the borrowing will not necessarily come from one source,” he said.

Atiku criticised the administration’s repeated borrowing proposals, questioning the frequency with which the president was approaching the National Assembly for approval to secure foreign loans.

“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” he asked.

“Barely days after an external borrowing proposal of $20.52 billion and €1.045 billion was presented to the National Assembly, another request for $7.7 billion is now before the Senate. Nigerians cannot be expected to treat this relentless borrowing as routine paperwork.”

The former vice-president maintained that additional foreign loans would create more financial responsibilities for Nigerians, warning that borrowing should not become a substitute for effective economic management.

He further raised concerns about the lack of specific details regarding the projects expected to receive the funds, their estimated costs and the conditions attached to repayment.

According to Atiku, the president’s letter indicated that the interest rates and repayment periods would be determined by market conditions when the funds were eventually secured.

“Nigerians should not be asked to accept a loan before they know what it will cost the country,” he said.

He called on the senate to carefully examine the proposal and request detailed information on the projects, how the funds would be distributed, the borrowing conditions and the government’s repayment strategy before granting approval.

“No government should receive a blank cheque to contract foreign debt in the name of budget implementation,” he said.

Atiku also appealed to international institutions and lenders to suspend further lending to the Tinubu administration until it makes its borrowing conditions public, presents a reliable repayment strategy and demonstrates the benefits Nigerians have received from previous loans.

He accused the federal government of worsening the country’s cost-of-living difficulties despite removing the petrol subsidy, saying the rising cost of living had placed considerable pressure on households and businesses.

“Tinubu removed subsidy on petroleum products but has emerged as the highest-borrowing government in Nigeria’s record history,” he said.

The former vice-president also challenged the administration to explain how its borrowing had translated into improvements in infrastructure and social welfare, questioning the purpose of the funds obtained.

“Nigerians are hungry and angry. Public infrastructures are limited; social welfare intervention is none existent. Yet Nigeria is owing massively under Tinubu,” he said.