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Former Vice President Atiku Abubakar has called on President Bola Tinubu to publish detailed information on projects to be financed by his proposed $20.52 billion and €1.045 billion external borrowing plan, warning that the absence of project-specific details raises concerns about transparency and accountability.
Atiku, the African Democratic Congress (ADC) presidential candidate, said the request vindicated his October 12 warning that the Federal Government was preparing to borrow up to $20 billion.
He alleged that the proposed borrowing could be used to channel public funds to political associates and favoured contractors, particularly in connection with the Lagos–Calabar Coastal Highway, which he alleged had been rerouted inland.
His position was contained in a statement issued on October 27, 2026, by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.
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Atiku questions borrowing transparency
Atiku said the President had identified broad sectors for the proposed funds but had not provided a project-by-project breakdown showing the costs, locations, contractors and specific objectives of the planned investments.
- “On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway. I demanded that he confirm or deny the plan and publish the accounts. He did neither. 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.
He argued that the lack of detailed project information made it difficult for Nigerians to assess how the borrowed funds would be spent and whether the proposed investments justified the additional debt.
Atiku also raised questions about the timing of the request, arguing that lawmakers should not approve such a substantial borrowing plan without full disclosure of the projects and their costs.
He questioned whether the proposal represented a development programme for Nigerians or a scheme that could serve political interests, although he provided no evidence in the statement establishing that the proposed funds would be used for campaign financing.
ADC candidate demands Senate scrutiny
Atiku urged the National Assembly to withhold approval until the Federal Government makes the supporting documents publicly available and subjects them to detailed legislative scrutiny.
He called for disclosure of the projects, contracts, contractors, costs, loan terms and repayment obligations associated with the proposed borrowing.
- “No public money should be borrowed in the dark. No lawmaker should sign a blank cheque against Nigeria’s future,” he said.
The ADC candidate maintained that transparency was necessary to establish whether the proposed loans would serve the country’s development priorities rather than political interests.
- His comments followed Tinubu’s request for Senate approval of a supplementary external borrowing plan of $20.52 billion and €1.05 billion for 2026–2027. As previously reported by Nairametrics, the President said the funds would support critical infrastructure and development projects across Nigeria.
The Senate is expected to consider the request through the relevant legislative processes.
Nigeria’s public debt rises
The proposed external borrowing comes as Nigeria’s public debt continues to increase.
Data from the Debt Management Office (DMO) showed that total public debt rose to N166.79 trillion as of June 30, 2026, from N159.35 trillion at the end of March.
The increase underscores the importance of scrutiny of new borrowing proposals, including their intended uses, financing terms and implications for future debt repayments.
The Senate’s consideration of Tinubu’s request will provide an opportunity for lawmakers to examine the proposed financing and seek clarification on the projects and obligations it would cover.
