Precious Nwonu, Enugu
Former Vice President Atiku Abubakar has urged the National Assembly to suspend approval of President Bola Tinubu’s proposed external loans until the Federal Government discloses detailed information on the projects to be financed.
Atiku, the African Democratic Congress (ADC) presidential candidate, insisted that lawmakers should not approve “a single dollar” without access to project specifications, costs, contractors, loan conditions and repayment plans.
He made the call in a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.
The former vice president’s reaction followed Tinubu’s request for legislative approval to borrow $20.52bn and €1.045bn to finance development projects across key sectors.
Atiku said the request supported his earlier warning on October 12 that the President was preparing to seek up to $20bn in loans in connection with the Lagos-Calabar Coastal Highway.
He criticised the government for providing broad sectors of investment without publishing a project-by-project breakdown of how the proposed funds would be spent.
According to him, Nigerians should be able to scrutinise the proposed projects, their locations, estimated costs and the contractors expected to execute them before the National Assembly considers the borrowing plan.
Atiku also questioned the reported rerouting of the Lagos-Calabar Coastal Highway, alleging that the project could be used to direct borrowed funds to political allies and favoured contractors. He did not provide evidence to substantiate the allegation in the statement.
The ADC chieftain further questioned the timing of the proposed borrowing and called on Tinubu to explain how the loans would benefit Nigerians rather than serve political interests.
He urged lawmakers to make the supporting documents available to the public and subject the proposal to thorough scrutiny before reaching a decision.
Atiku maintained that the government must demonstrate how the proposed borrowing would be used and how the resulting debt would be repaid, warning against approving loans without adequate transparency.
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