Former Vice President Atiku Abubakar has strongly condemned the Federal Government’s fresh external borrowing plan, questioning whether the proposed capital accumulation is designed as a campaign financing scheme. He has formally called on the National Assembly to withhold approval for President Bola Tinubu’s request to secure $20.52 billion and €1.045 billion in foreign loans.
The demand was issued through a media statement on Tuesday, October 27, 2026, following the executive transmission of the massive loan bid to the legislature. Atiku argued that the administration’s push to secure billions in external financing on the eve of its tenure lacks transparency, stressing that the proposal fails to provide a comprehensive, project-by-project breakdown of how the funds will be deployed, contracted, or executed.
”Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” Atiku stated. “The President has listed broad sectors but has not provided a project-by-project account of what this enormous borrowing will fund. Nigerians have not been given clear project details, costs, locations or contractors to scrutinise.”
Questioning the timing and underlying motives of the credit bid, the former vice president cautioned lawmakers against signing what he termed a blank cheque against the nation’s financial sovereignty. “Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?” he queried.
Atiku urged the legislature to insist on rigorous public scrutiny, maintaining that no funds should be approved until the executive publishes every project scope, contract cost, contractor identity, and repayment schedule. He further issued a direct caution to domestic and international creditors, warning that any loans extended to the winding-down administration without strict adherence to statutory due process will face comprehensive legal investigation and challenge upon a future transition of power.
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