Atiku urges lawmakers to reject Tinubu’s $7.7bn borrowing request
The former vice-president demands project allocations, borrowing terms and a repayment plan as the Senate examines the proposed external financing.
Former Vice-President Atiku Abubakar has urged the National Assembly to reject President Bola Tinubu’s approximately $7.7 billion external borrowing request. He also demanded fuller disclosure of the projects to be financed, borrowing conditions and repayment arrangements.
TheCable reported his position in a statement issued through Phrank Shaibu on Wednesday, November 4. Atiku sought an account of previous borrowing and its benefits to Nigerians. The original statement was not independently obtained.
Senate refers request for scrutiny
Tinubu’s proposal seeks external financing reported at approximately ₦10.79 trillion to support implementation of the 2026 budget.
PUNCH reported that the presidential letter, dated October 26, was read during the Senate’s November 4 plenary and referred to its Committee on Local and Foreign Debts for consideration. The dollar and naira figures describe the same proposed financing.
Reuters reported that Senate President Godswill Akpabio described the request as superseding an earlier approximately $20.5 billion external borrowing proposal.
Government outlines financing options
According to TheCable’s account of the presidential letter, the government intends to explore several funding sources, including multilateral and bilateral loans, bridge financing and Eurobond issuance.
The report said the administration would place greater emphasis on Eurobonds because it considered them faster to arrange and capable of raising larger amounts. Final Eurobond interest rates and maturities would depend on market conditions when an issuance is priced.
The letter identified programmes and projects across security, transport, agriculture, power, education and healthcare as intended uses of the financing. These are the administration’s stated plans.
Atiku demands fuller disclosure
Atiku questioned the frequency of the government’s borrowing requests and urged lawmakers to demand a detailed project list, funding allocations, borrowing conditions and a credible repayment plan.
He also called on lenders to require greater transparency about previous loans and their benefits to Nigerians before extending further financing.
The original presidential letter and Atiku’s statement were not independently obtained. The material reviewed did not establish subsequent legislative approval, completed fundraising or disbursement under the proposal.
