Just In: Atiku Speaks on Tinubu's $20.52bn Loan Request, Recalls Earlier Warning
- Atiku Abubakar said President Tinubu's request to borrow $20.52bn and €1.045bn vindicates a warning he issued on October 12
- Atiku raised concerns that the borrowed funds could be funnelled through the Lagos-Calabar Coastal Highway to political allies and favoured contractors
- The ADC presidential candidate called on the National Assembly to demand a full project-by-project breakdown before approving any part of the loan
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Former Vice President Atiku Abubakar has said President Bola Tinubu's request to the Senate for approval to borrow $20.52 billion and €1.045 billion proves that a warning he issued two weeks ago was well-founded.
Atiku, the presidential candidate of the African Democratic Congress (ADC) for the 2027 general elections, had on October 12 cautioned Nigerians that Tinubu was reportedly preparing to borrow as much as $20 billion, and urged the President to confirm or deny the plan and publish the accounts. According to Atiku, Tinubu did neither.
Source: Twitter
The reaction came in a statement released on October 27 by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.
Atiku's concerns over loan transparency
Atiku argued that the President had listed only broad sectors in his loan proposal without providing a project-by-project breakdown of what the funds would cover, including costs, locations or contractors.
He linked that silence to the recent inland rerouting of the Lagos-Calabar Coastal Highway, suggesting the project could become a channel for borrowed public funds to reach political allies.
Atiku also put local and international lenders on notice, saying any loan granted to the current administration would be scrutinised once he takes office, and that borrowing found to have been obtained without proper authorisation or due process would be challenged.
Atiku urges National Assembly to reject 'blank cheque'
The former vice president called on the National Assembly to withhold approval until the President publishes every project, contract, cost, contractor, loan term and repayment obligation.
Atiku also said ordinary Nigerians — including small business owners and workers already stretched by the rising cost of living — deserved to know exactly where the money would go, who would benefit, and who would ultimately repay it.
He said the burden of proof rested with Tinubu to demonstrate that the borrowing would serve the country rather than political interests ahead of the 2027 elections.
Read the full statement on X here:
Tinubu's camp replies to Atiku on Ebola fund
Legit.ng earlier reported that the APC Presidential Campaign Council accused Atiku Abubakar of disrespecting the presidency by linking President Tinubu's name to Ebola in a public statement.
Spokesperson Dele Alake said the N10 billion approved in June for the Ebola emergency has not been spent, pushing back on Atiku's accountability questions.
The council urged the opposition to stop politicising the Ebola outbreak and instead support health authorities managing the crisis.
Source: Legit.ng
