Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, has urged the National Assembly to reject President Bola Tinubu’s latest request for a $7.7 billion (about N10.79 trillion) external loan to help finance part of the 2026 budget deficit.
The request, which was read into the Senate by President of the Senate Godswill Akpabio on Tuesday, covers the external component of a N29.2 trillion borrowing approved in the 2026 Appropriation Act. The borrowing is intended to cover a budget deficit of roughly N31.4 trillion. Tinubu said the funds could be raised through a mix of multilateral and bilateral loans, International Monetary Fund facilities, bridge financing and Eurobond issuance.
Atiku criticised the government’s “relentless borrowing” and warned that each new foreign loan would become a financial obligation for Nigerians. He questioned why the Tinubu administration keeps making frequent borrowing requests and highlighted that the letter does not specify the projects to be funded, their costs or the repayment conditions. “Nigerians should not be asked to accept a loan before they know what it will cost the country,” he said.
In his statement, issued through ADC’s Director of Strategic Communications Phrank Shaibu, Atiku called on the Senate to scrutinise the proposal and demand a comprehensive list of projects, funding allocations, 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 added.
Atiku also urged international agencies and lenders to halt new loans to the Tinubu administration until it provides transparent borrowing terms, a credible repayment plan and evidence of how previous loans have benefited Nigerians.
He accused the administration of worsening the cost‑of‑living crisis, noting that the removal of the petrol subsidy has left households and businesses struggling while the government remains the highest‑borrowing in Nigeria’s history. “Nigerians are hungry and angry. Public infrastructures are limited; social welfare intervention is none existent. Yet Nigeria is owing massively under Tinubu,” he said.
<small>Source: The Sun Nigeria — read the original story there.</small>