Atiku Urges Senate to Reject Tinubu's $7.7bn Loan Request
- Atiku Abubakar condemned Tinubu's latest borrowing request of $7.7 billion, or about ₦10.79 trillion, to part-finance the 2026 budget deficit
- The request came barely days after a separate $20.52 billion and €1.045 billion external borrowing proposal was sent to the National Assembly
- Atiku's campaign council called on the Senate to demand a full project list, loan terms and repayment plan before any approval is considered
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Abuja, FCT - Former Vice President Atiku Abubakar has called on the Senate to reject President Bola Tinubu's request to borrow $7.7 billion, roughly ₦10.79 trillion, to part-finance the 2026 budget deficit, warning that the government must not be handed a blank cheque on foreign debt.
The statement was signed by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, and released on Wednesday, November 4, 2026.
Source: Facebook
Atiku's office questioned the pace of borrowing under Tinubu, noting that the $7.7 billion request arrived before the National Assembly had concluded deliberations on a separate external borrowing proposal of $20.52 billion and €1.045 billion presented earlier.
Senate Urged to Demand Full Disclosure
According to the statement, the Senate must insist on seeing a complete project list with clear funding allocations, proposed interest rates, repayment schedules and other conditions before granting any approval. The statement pointed out that Tinubu's own letter to the Senate acknowledged that final loan terms would depend on market conditions at the time of pricing, meaning lawmakers would be approving a loan without knowing its full cost to the country.
"No government should receive a blank cheque to contract foreign debt in the name of budget implementation," the statement read.
The statement also called on international lenders and agencies to withhold new loans to the Tinubu administration until it provides transparent terms, a credible repayment plan and verifiable evidence of how previous borrowings have benefited ordinary Nigerians.
Atiku's Alternative Proposal
Beyond the criticism, Atiku's campaign council outlined a different approach, centring on restoring social welfare to Nigerians through the introduction of a production-based subsidy on petroleum products. The statement argued that Tinubu removed the fuel subsidy while simultaneously overseeing what it described as the highest borrowing level in Nigeria's history, without matching improvements in infrastructure or public welfare.
"Tinubu removed subsidy on petroleum products but has emerged as the highest borrowing government in Nigeria's record history," the statement said.
The campaign council argued that Nigeria's current debt trajectory, combined with what it described as a severe cost-of-living crisis, raised serious questions about what the administration had spent its borrowed funds on, given that public infrastructure remains limited and social welfare programmes are largely absent.
Obasanjo Slams Tinubu Over Borrowing
In a related development, former President Olusegun Obasanjo has taken a direct swipe at President Tinubu over the president's claim that government borrowing should not be viewed negatively, describing the position as "absolute nonsense."
Obasanjo argued that debt from borrowing is far more damaging than leprosy. He stated this on Friday, October 30, 2026, at the Ajibosin Platform in Abeokuta, Ogun state, a public forum focused on leveraging artificial intelligence to solve grassroots problems and accelerate national development.
Source: Legit.ng
