Atiku faults Tinubu’s request for $20.52bn, €1.05bn loans

President Bola Tinubu has asked the National Assembly to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, involving $20.52bn and €1.05bn, to finance infrastructure and development projects across the country.

The request, which was transmitted to the National Assembly, was read by the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abass, during Tuesday’s plenary.

However, former Vice President Atiku Abubakar urged the National Assembly to suspend consideration of the request until the Federal Government publishes details of the projects to be financed.

In the letter, Tinubu urged the lawmakers to give the borrowing plan early consideration and approval, saying the funds would support critical projects and programmes in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

The proposed borrowing amounts to $20,517,755,901 and €1,045,083,643, respectively.

The President said the external financing was necessary to address Nigeria’s infrastructure deficit and bridge the funding gap hampering the implementation of development projects.

He wrote, “I submit the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects.”

Tinubu explained that the projects and programmes included in the plan had been selected following technical and economic evaluations, with emphasis on their expected contributions to the country’s socioeconomic development.

He said the initiatives were also intended to create jobs, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.

“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.

According to the President, most of the projects would be implemented across the 36 states and the Federal Capital Territory, underscoring the nationwide scope of the proposed investments.

He argued that the scale of Nigeria’s infrastructure needs made additional financing necessary, while maintaining that external borrowing would help close the funding shortfall.

“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 stated.

He added that the funds would primarily be channelled into critical infrastructure, particularly in the power, transportation and healthcare sectors.

The President urged the Senate leadership and the wider National Assembly to approve the plan promptly, arguing that timely approval would facilitate disbursements and accelerate project implementation.

He said early approval would allow the government to begin the processes required to issue the promissory notes and bring the outstanding liabilities to a close.

Reacting after the letter was read, Akpabio said the borrowing plan had featured in previous government borrowing and budgetary arrangements, although he expressed uncertainty about the exact period covered by the earlier approval.

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“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027, I think to 2028 or thereabout,” Akpabio said.

The Senate President said the new request would be referred to the Senate Committee on Local and Foreign Debts for consideration, with possible input from the Committees on Appropriations and Finance.

“However, this request will be looked at by the Committee on Local and Foreign Debts, probably in collaboration with Appropriations and Finance, but mainly by the Committee on Local and Foreign Debts,” he stated.

Reacting, who is the African Democratic Congress presidential candidate, said the borrowing proposal vindicated his earlier warning that the administration was preparing to secure loans of up to $20bn in connection with the Lagos-Calabar Coastal Highway project.

He expressed concern that the absence of project-by-project details, including costs, locations and contractors, could expose the proposed borrowing to abuse and political manipulation ahead of the 2027 general elections.

In a statement issued on Tuesday by the Director of Strategic Communication of the ADC Presidential Campaign Council, Phrank Shaibu, the former vice president called on lawmakers to demand full disclosure of the proposed loans and their intended uses before approving.

“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,” Atiku said.

Atiku had, on October 12, 2026, raised concerns over reports that the President was preparing to borrow up to $20bn in connection with the coastal highway.

He said Tinubu neither confirmed nor denied the allegation nor published the accounts he had requested.

According to him, the subsequent request for approval to borrow $20.52bn and €1.045bn reinforced his concerns about the administration’s borrowing plans.

“The President has listed broad sectors but has not provided a project-by-project account of what this enormous borrowing will fund. Nigerians have not been given clear project details, costs, locations or contractors to scrutinise,” he said.

The ADC chieftain also questioned the timing of the proposed borrowing, arguing that Nigerians should not be saddled with substantial debt without adequate information about the projects and the terms of repayment.

He linked his concerns to the reported inland rerouting of the Lagos-Calabar Coastal Highway, alleging that the project could become a channel through which borrowed funds reach political campaigners and favoured contractors.

He warned that any borrowing undertaken without the required constitutional, statutory and due-process requirements would face scrutiny if he assumed office.

“I put local and international lenders on notice: any loan granted to this winding-down administration must meet all constitutional, statutory and due-process requirements.

“Upon assumption of office, I will scrutinise every such loan. Any borrowing found to have been obtained without proper authorisation or process will be challenged and will not be allowed to stand,” he said.