Atiku Urges National Assembly to Reject Tinubu’s Fresh $7.7bn Loan Request

Former Vice President Atiku Abubakar has urged the National Assembly to reject President Bola Tinubu’s request for approval to borrow an additional $7.7 billion (approximately N10.79 trillion) to partly finance the 2026 budget deficit.

Atiku, the presidential candidate of the African Democratic Congress (ADC), described the proposed borrowing as another financial burden on Nigerians, questioning the frequency of the Federal Government’s requests for external loans.

His position was conveyed in a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.

The controversy followed the presentation of Tinubu’s October 26 letter to the Senate by Senate President Godswill Akpabio on Tuesday.

The proposed $7.7 billion borrowing represents the external component of the N29.2 trillion borrowing provision in the 2026 Appropriation Act, which is intended to finance a budget deficit estimated at N31.4 trillion.

According to the President’s request, the government plans to raise the funds through one or a combination of sources, including multilateral and bilateral institutions, International Monetary Fund facilities, bridge financing and Eurobond issuance.

Atiku argued that the latest request came shortly after an earlier external borrowing proposal of $20.52 billion and €1.045 billion had been presented to the National Assembly.

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

He warned that Nigerians should not be expected to treat repeated foreign borrowing requests as routine government business, insisting that every new loan would create additional financial obligations for the country.

The former Vice President also questioned the absence of detailed information about the projects expected to benefit from the proposed loan, their costs and the repayment conditions.

He expressed concern that the President’s letter indicated that final interest rates and repayment periods would depend on market conditions at the time the funds were raised.

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

He consequently urged the Senate to demand a comprehensive breakdown of the projects to be financed, funding allocations, loan conditions and a credible repayment plan before considering approval.

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

Atiku also appealed to international financial institutions and lenders to suspend further lending to the Tinubu administration until it provides transparent borrowing terms, a credible repayment strategy and evidence of the benefits of previous loans.

The ADC presidential candidate further criticised the administration’s economic management, arguing that the removal of the petrol subsidy had not prevented rising living costs from placing 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.

Atiku also questioned the impact of the government’s borrowing on infrastructure and social welfare, claiming that public services remained inadequate despite the country’s growing debt obligations.

“Nigerians are hungry and angry. Public infrastructures are limited; social welfare intervention is non-existent. Yet Nigeria is owing massively under Tinubu,” he said.

The National Assembly is expected to scrutinise the President’s latest borrowing proposal before deciding whether to grant the requested approval.