The African Democratic Congress (ADC) and former Vice-President Atiku Abubakar have urged the National Assembly to reject President Bola Tinubu’s proposed $20.52 billion and €1.045 billion foreign loans, demanding greater transparency over the planned borrowing.
Tinubu asked lawmakers on Tuesday to approve the loans to fund projects in infrastructure, agriculture, healthcare, education, security and other critical sectors.
However, the ADC questioned the justification for additional borrowing, arguing that Nigerians deserve clear evidence of how previous loans and revenue from petrol subsidy removal have been spent.
Kola Ologbondiyan, director of media and publicity of the ADC Presidential Campaign Council, challenged the Federal Government to explain how its borrowing had improved roads, electricity, healthcare, employment and other essential services.
He accused the government of increasing Nigeria’s debt burden while citizens struggle with rising living costs and higher taxes.
The council called for a comprehensive account of domestic and foreign loans obtained since May 29, 2023, as well as details of how revenue generated from petrol subsidy removal had been utilised.
Ologbondiyan warned that continued borrowing without adequate accountability could place an unfair burden on future generations.
Atiku, in a separate statement issued by his media aide, Phrank Shaibu, alleged that the proposed loans could be used to finance political campaigns and benefit favoured contractors ahead of the 2027 general election.
He did not provide evidence in the statement to substantiate the allegation.
The former vice-president also warned local and international lenders to ensure that any loans granted to the administration complied with constitutional requirements, relevant laws and due process.
He said any borrowing found to have breached the prescribed procedures would be challenged.
Atiku arged the National Assembly to withhold approval until the President discloses the details of the proposed projects, contracts, costs, contractors, loan terms and repayment obligations.
He argued that lawmakers needed sufficient information to assess the purpose of the borrowing and its potential impact on public finances.
The ADC and Atiku’s opposition puts the proposed loans under increased political scrutiny as Nigeria faces mounting debt obligations and economic pressures.
The National Assembly’s consideration of the request will determine whether the proposed borrowing receives legislative approval.
Meanwhile, the opposition parties are demanding a detailed account of how the funds would be used and how the country would repay them.
