Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has urged the National Assembly to reject President Bola Tinubu’s request for approval to secure $20.52 billion and €1.045 billion in external loans, alleging that the proposed borrowing could be used to finance political interests.

Atiku, in a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, said the loan request vindicated his earlier warning that the President was preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway project.

He expressed concern that Tinubu had not provided a detailed breakdown of the projects to be financed with the proposed loans, including their costs, locations and contractors.

“Atiku said the President’s failure to identify the specific projects the loans would fund raises serious concerns that borrowed public money could be channelled through the Lagos–Calabar Coastal Highway, now rerouted inland, to political campaigners and favoured contractors,” the statement said.

Atiku recalled that he had, on October 12, raised the alarm over the reported borrowing plan and challenged the President to confirm or deny it and publish the relevant accounts.

“On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway.

"I asked him to confirm or deny the plan and publish the accounts. He did neither. Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” he said.

The former vice-president argued that identifying broad sectors for investment was insufficient to justify borrowing such a substantial amount without providing project-by-project details for public scrutiny.

He said the absence of clear information about the proposed expenditure was particularly troubling given the reported rerouting of the Lagos–Calabar Coastal Highway.

“Nigerians have every right to ask whether it is becoming a pipeline for borrowed money to reach Tinubu’s campaigners and favoured contractors,” Atiku said.

Questioning the timing of the proposed borrowing, he added: “Barely 12 weeks before an election, how can the President ask lawmakers to saddle Nigerians with more than $20 billion and €1 billion in debt without identifying the projects and their costs? Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?”

Atiku warned against what he described as frivolous borrowing towards the end of the President’s tenure, pledging to investigate loans contracted during the administration’s final year if elected president.

“You cannot continue taking frivolous loans on the eve of your departure from office. Let it be on record that one of the first responsibilities I will undertake as President is to scrutinise and investigate every kobo borrowed, especially loans taken in the final year of your tenure,” he said.

He also cautioned local and international lenders against granting loans to the administration without ensuring compliance with constitutional, statutory and due-process requirements.

According to him, any borrowing subsequently found to have been obtained without proper authorisation or in violation of due process would be challenged.

Atiku called on the National Assembly to withhold approval until the President released comprehensive details of the proposed borrowing, including the projects, contracts, costs, contractors, loan terms and repayment obligations.

“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation.

"No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” he said.

He urged lawmakers to make the loan proposal and its supporting documents public and subject them to rigorous scrutiny before reaching a decision.

Atiku maintained that the responsibility rested on Tinubu to demonstrate that the proposed borrowing would serve Nigeria’s development interests rather than political objectives.