By Eshioromeh Sebastian
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has faulted President Bola Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion, saying it vindicates his earlier warning about a proposed $20 billion loan.
Atiku, in a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, accused the administration of failing to disclose the specific projects the funds would finance.
He recalled that he had warned on October 12 about the reported borrowing plan and challenged Tinubu to confirm or deny it and publish the relevant accounts.
“Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” Atiku said.
The former Vice President faulted the President for failing to provide details of the projects, their costs, locations and contractors, insisting that Nigerians should not be asked to shoulder such a huge debt without knowing how the money would be spent.
He questioned whether the Lagos–Calabar Coastal Highway project, which he alleged had been rerouted inland, could become a conduit for directing borrowed funds to political allies, especially with an election approaching.
“Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?” he asked.
Atiku warned that he would scrutinise loans obtained during the final year of Tinubu’s administration if elected President, vowing to challenge any borrowing found to have breached constitutional, statutory or due process requirements.
“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 said.
He urged the National Assembly to withhold approval until the President publishes the projects, contracts, costs, contractors, loan terms and repayment obligations attached to the borrowing plan.
“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” Atiku said.
He said the burden of proof rested on Tinubu to demonstrate that the loans would serve the national interest rather than political interests, warning that Nigerians struggling with the cost of living should not be made to pay for debts incurred without adequate public disclosure.
Atiku added that the controversy could further shape the political contest, with voters having an opportunity to hold the administration accountable for its borrowing decisions.
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