Former Vice President Atiku Abubakar has urged the Senate to reject President Bola Tinubu’s proposed $7.7bn (N10.79trn) external loan, warning that further borrowing would increase Nigeria’s debt burden.
Atiku made the call in a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council.
He described the government’s repeated borrowing requests as alarming, insisting that Nigerians should not be made to bear the cost of loans without clear explanations of how the funds would be spent.
The proposed loan is expected to partly finance the 2026 budget deficit.
Atiku called on the Senate to demand details of the projects to be funded, their individual costs, interest rates, repayment schedules, and other loan conditions before considering the request.
He also questioned the provision allowing the final borrowing terms to be determined by prevailing market conditions when the loan is priced.
“Nigerians should not be asked to accept a loan before they know what it will cost the country,” he said.
The former vice president further urged international lenders to suspend fresh loans to the Tinubu administration until it provides transparent borrowing terms, a credible repayment plan, and evidence of the benefits of previous loans.
He accused the government of worsening economic hardship despite the removal of petrol subsidy and continued borrowing.
Atiku also criticized what he described as inadequate investment in infrastructure and social welfare, proposing a production-based petroleum subsidy as an alternative to ease the economic burden on Nigerians.
He urged lawmakers to put citizens’ interests first and ensure accountability before approving additional borrowing.
The latest request comes after Tinubu withdrew an earlier proposal seeking $20.52bn and €1.045bn in external loans. The President’s new $7.7bn request was presented to the Senate on Wednesday, November 4, and referred to its Committee on Local and Foreign Debts for further consideration.
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