Atiku Condemns Tinubu’s Fresh $7.7bn Loan Request, Urges Senate to Reject ‘Blank Cheque’

Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s request for Senate approval to borrow an additional $7.7bn, approximately ₦10.79tn, to part-finance the 2026 budget deficit.

Atiku urged the National Assembly to subject the proposal to thorough scrutiny before taking any decision, insisting that Nigerians should not be saddled with additional foreign debt without clear details of how the funds would be spent and repaid.

The African Democratic Congress (ADC) presidential candidate made his position known in a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.

He called on the Senate to examine the loan proposal in detail and demand a comprehensive list of projects, specific funding allocations, borrowing conditions and a credible repayment plan before considering approval.

“The Senate must scrutinise this proposal line by line. It 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,” he said.

Atiku also questioned the frequency of foreign borrowing under the Tinubu administration, noting that the latest request came barely days after another external borrowing proposal involving $20.52bn and €1.045bn was presented to the National Assembly.

“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” he asked.

The former vice president argued that Nigerians should not treat repeated borrowing requests as routine government business, stressing that the loans would ultimately become financial obligations for citizens and future administrations.

He maintained that borrowing should not become a substitute for sound economic management, particularly at a time when households and businesses are struggling with rising living costs.

Atiku further questioned the projects expected to benefit from the proposed $7.7bn facility, demanding clarity on the amount allocated to each project, the interest rate, repayment schedule and other conditions attached to the loan.

He expressed concern that the President’s letter indicated that the final borrowing terms would depend on market conditions at the time the loan was priced.

According to Atiku, Nigerians should not be expected to accept additional debt without knowing its eventual cost and the specific benefits it would deliver.

He also called on international financial institutions and lenders to suspend further lending to the Tinubu administration until the government provides transparent borrowing terms, a credible repayment strategy and evidence of the benefits of previous loans.

Atiku accused the administration of increasing Nigeria’s debt burden despite the removal of the petrol subsidy, while criticising its handling of the cost-of-living crisis and infrastructure development.

He argued that many Nigerians were struggling to afford basic necessities, while businesses continued to face difficult operating conditions.

The ADC presidential candidate also questioned the impact of government borrowing on public infrastructure and social welfare, asking what specific projects had received the funds secured by the administration.

Proposing an alternative approach, Atiku said he would prioritise social welfare interventions and introduce a production-based subsidy on petroleum products to support Nigerians.

He insisted that the Senate must remember its responsibility to the Nigerian public when considering the latest borrowing proposal.

“Nigeria cannot borrow its way out of every budget shortfall. The National Assembly must remember that it is accountable to Nigerians, not merely to the executive. Before approving another trillion-naira burden, it must make the government answer the questions Nigerians are asking,” he said.