Presidential candidate of the African Democratic Congress, Atiku Abubakar has called on the National Assembly to withhold approval for President Bola Tinubu’s proposed external borrowing plan of $20.52 billion and €1.045 billion, questioning whether the request is a development initiative or a disguised campaign financing scheme.
In a statement issued on Tuesday by Phrank Shaibu, director of strategic communication of the ADC presidential campaign council, Atiku said the borrowing request vindicated his October 12 warning that Tinubu was preparing to borrow up to $20 billion for the Lagos-Calabar coastal highway.
He also noted that the president had not provided sufficient details of the projects to be funded, including their locations, costs and contractors, to allow Nigerians to scrutinise the proposed expenditure.
The former vice-president who expressed concern that the loans could be channelled to political campaigners and favoured contractors, cited reports that the coastal highway had been rerouted inland. “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?” he asked. “Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?”
Tinubu’s borrowing request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday. In the letter, the president said the proposed borrowing would fund projects and programmes across infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” Tinubu said, adding that the funds would primarily target critical infrastructure in power, transportation and healthcare, among other sectors.
Atiku, however, insisted that the National Assembly should not approve the loans until the president publishes details of every project, contract, cost, contractor, loan term and repayment obligation, arguing that Nigerians deserved to know how the borrowed funds would be spent and who would benefit. “You cannot continue taking frivolous loans on the eve of your departure from office,” he said.
He also put local and international lenders on notice that any loan granted to the current administration must meet constitutional, statutory and due process requirements, warning that upon assuming office he would scrutinise every such loan and challenge any borrowing obtained without proper authorisation or process.
The ADC presidential candidate said families already struggling with the cost-of-living crisis should not be burdened with additional debt without adequate transparency and accountability, and urged lawmakers to subject the borrowing proposal and its supporting documents to rigorous scrutiny before making a decision.
