Alhaji Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has called on the national assembly to reject President Bola Tinubu’s request for approval to borrow $7.7 billion, equivalent to about N10.79 trillion, to finance part of the 2026 budget deficit.
In a statement issued on Wednesday by Phrank Shaibu, director of strategic communication of the ADC presidential campaign council, Atiku described the proposed borrowing as another burden on Nigerians, questioning the frequency of the federal government’s requests for foreign loans.
On Tuesday, Senate President Godswill Akpabio read Tinubu’s October 26 letter seeking approval for the external borrowing during plenary.
The request covers the external component of the N29.2 trillion borrowing approved in the 2026 Appropriation Act to finance a budget deficit of about N31.4 trillion.
The president said the government intended to raise the funds through one or a combination of sources, including loans from multilateral and bilateral institutions, International Monetary Fund (IMF) facilities, bridge financing and Eurobond issuance.
“I believe this letter effectively supersedes the earlier request for $20.3 billion because the present request is more explicit. It also recognises that the borrowing will not necessarily come from one source,” he said.
Atiku questioned why the Tinubu administration was making frequent borrowing requests, arguing that Nigerians should not be expected to treat the accumulation of foreign debt as routine government business.
“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” he asked.
“Barely days after an external borrowing proposal of $20.52 billion and €1.045 billion was presented to the National Assembly, another request for $7.7 billion is now before the Senate. Nigerians cannot be expected to treat this relentless borrowing as routine paperwork.”
The former vice-president said every new foreign loan would become a financial obligation for Nigerians, adding that borrowing should not replace sound economic management.
He also questioned the absence of detailed information on the specific projects to be funded, their costs and the repayment conditions.
Atiku said the president’s letter indicated that the final interest rates and repayment tenures would depend on prevailing market conditions at the time the funds were raised.
“Nigerians should not be asked to accept a loan before they know what it will cost the country,” he said.
He urged 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 said.
Atiku also called on international agencies and lenders to stop extending new loans to the Tinubu administration until it provides transparent borrowing terms, a credible repayment plan and evidence of how previous loans had benefited Nigerians.
He accused the administration of presiding over a worsening cost-of-living crisis despite the removal of the petrol subsidy, arguing that households and businesses were struggling with rising costs.
“Tinubu removed subsidy on petroleum products but has emerged as the highest-borrowing government in Nigeria’s record history,” he said.
The former vice-president also questioned the impact of the government’s borrowing on infrastructure and social welfare, asking what the loans were being used to finance.
“Nigerians are hungry and angry. Public infrastructures are limited; social welfare intervention is none existent. Yet Nigeria is owing massively under Tinubu,” he said.
