Atiku Abubakar Slams Tinubu’s $516m Loan Request, Warns Against Nigeria’s Rising Debt Crisis
Former Vice President Atiku Abubakar has taken aim at President Bola Tinubu over a new external borrowing request of $516 million, cautioning that the nation must not “borrow blindly” under the cover of development.
The criticism follows a formal communication from Tinubu to the Senate, seeking legislative approval to secure a $516,333,07 loan to finance key national infrastructure projects. The development, PulseNets learnt, is part of broader efforts by the administration to address funding gaps in strategic sectors.
In a statement issued on Wednesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku raised alarm over Nigeria’s escalating debt burden. PulseNets reported that the former vice president acknowledged the importance of infrastructure expansion, particularly initiatives designed to enhance regional connectivity, but insisted that such undertakings must be guided by fiscal discipline.
“At a time when Nigeria is already groaning under the weight of unsustainable debt, the resort to yet another foreign loan, without transparent terms, clear cost-benefit analysis, and a credible repayment framework, raises profound questions about prudence and accountability,” he said.
While reiterating that Nigerians are not opposed to development, Atiku told PulseNets that citizens demand transparency and strategic planning in the sourcing and deployment of funds. He warned that unclear borrowing frameworks risk compounding the nation’s financial vulnerabilities.
“What Nigerians expect is not just ambitious projects, but responsible financing. Development must not become a euphemism for deepening debt traps that generations yet unborn will be forced to repay,” he added.
The former vice president also referenced previous controversies surrounding major infrastructure deals, citing concerns about procurement integrity. PulseNets obtained that he cautioned against a repeat of what he described as questionable processes, especially in large-scale national projects.
“Nigerians have not forgotten the serious questions surrounding the opaque award process of the Lagos-Calabar Coastal Highway, where due process, competitive bidding, and value-for-money considerations were widely called into question. We must not replicate such a troubling precedent,” he stated.
He further stressed that all loans acquired on behalf of Nigerians must be managed with full transparency and in strict compliance with procurement regulations. PulseNets learnt that Atiku emphasised accountability as a non-negotiable requirement in public financing.
“Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws,” he said.
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Concluding his remarks, Atiku issued a stark warning on the long-term consequences of unchecked borrowing, noting that debt-driven development without clear safeguards could undermine future stability. PulseNets reported that he urged a more cautious and structured approach to national financing.
“Nigeria must build, but Nigeria must not borrow blindly. Progress anchored on opacity and debt accumulation is neither progress nor leadership, it is postponement of crisis,” he said.
