Atiku demands project breakdown for Tinubu's $21.5B loan request as debt hits N166.8T
Former VP Atiku Abubakar is challenging President Tinubu's $20.52 billion and €1.045 billion external borrowing request, demanding the Senate withhold approval until project-by-project details are made public. In a statement yesterday, Atiku said his October 12 warning about a $20 billion loan tied to the Lagos-Calabar Coastal Highway has been "vindicated" — but the government still hasn't published specific projects, costs, contractors, or loan terms.
The borrowing plan comes as Nigeria's public debt climbed to N166.79 trillion in June, up N7.44 trillion from March. Atiku alleges the Lagos-Calabar highway was rerouted inland and warns funds could be channeled to political associates, though he provided no evidence of campaign financing links. He's calling for full disclosure of projects, contracts, contractors, costs, loan terms, and repayment obligations before lawmakers vote.
"No public money should be borrowed in the dark. No lawmaker should sign a blank cheque against Nigeria's future," Atiku said. The Senate will now consider the request through committee processes.
With debt service already consuming a massive chunk of revenue, this borrowing adds roughly 13% to current debt stock. Will senators demand the project breakdown Nigerians deserve, or approve a blank cheque?