Former Vice President Atiku Abubakar has condemned President Bola Tinubu’s request for Senate approval to borrow another $7.7 billion, or about ₦10.79 trillion, to part-finance the 2026 budget deficit.
In a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku described the request as part of a pattern of relentless borrowing that Nigerians should not treat as routine paperwork.
The statement noted that the latest request came barely days after an earlier external borrowing proposal of $20.52 billion and €1.045 billion was presented to the National Assembly. It has since been withdrawn and replaced by the smaller but still substantial $7.7 billion plan.
“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” the statement asked. “Nigerians cannot be expected to treat this relentless borrowing as routine paperwork.”
Atiku argued that every new foreign loan becomes a bill that Nigerians will eventually have to pay. He said the government cannot keep presenting borrowing as a substitute for sound economic management while families and businesses carry the cost of its failures.
The statement raised urgent questions about the latest request. It asked which specific projects would receive the money, how much each project would cost, and what the repayment schedule, interest rate and other conditions would be. The President’s own letter indicated that the final terms would depend on market conditions when the borrowing is priced.
“Nigerians should not be asked to accept a loan before they know what it will cost the country,” the statement said.
Atiku called on the Senate to scrutinise the proposal line by line. He said lawmakers must demand a full project list, clear funding allocations, the proposed loan terms 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,” the statement added. “With President Tinubu’s tenure approaching its end, he must not bind Nigerians and future administrations to fresh debt without full disclosure and rigorous scrutiny.”
The former vice president also called on international agencies and lenders to stop extending new loans to the administration until it provides transparent terms, a credible repayment plan and clear evidence of how previous borrowings have benefited Nigerians.
The statement accused the Tinubu government of emerging as the highest borrowing administration in Nigeria’s history after removing the subsidy on petroleum products. It said the same government has unleashed the worst cost of living crisis on Nigerians, with people struggling to afford a decent living and businesses forced to shut down.
It further claimed the administration has a record infrastructure investment deficit, yet continues to pile up debt while public infrastructure remains limited and social welfare interventions are non-existent.
“So the question is: what is Tinubu using his loans to finance specifically?” the statement asked. “Nigerians are hungry and angry. Public infrastructure are limited; social welfare intervention is none existent. Yet Nigeria is owing massively under Tinubu.”
Atiku offered an alternative approach. He said his plan is to return social welfare to the Nigerian people through the introduction of a production-based subsidy on petroleum products.