By Seun Ibiyemi
Former Vice President Atiku Abubakar has accused President Bola Tinubu’s administration of seeking to use a proposed external borrowing plan worth more than $21.5 billion to fund political campaigns rather than genuine infrastructure development.
Atiku, who made the allegation in a statement issued by Phrank Shaibu, Director of Strategic Communication for the African Democratic Congress (ADC) Presidential Campaign Council, said the proposed loans raised concerns about transparency, accountability and Nigeria’s growing debt burden.
The borrowing request comprises $20.52 billion and €1.045 billion, which Atiku said required closer scrutiny, particularly with an election approaching.
He argued that the request vindicated his earlier warnings about an alleged concealed multi-billion-dollar borrowing plan linked to the Lagos-Calabar Coastal Highway.
The former vice president faulted the administration for what he described as a lack of detailed information on the projects to be financed with the proposed loans.
He demanded project-by-project disclosures, including specific costs, locations, contractors and other relevant details, to enable lawmakers and the public to assess the proposed expenditure.
According to Atiku, the absence of such information raises questions about how the borrowed funds would be deployed and whether the projects justify the additional debt.
He called on the National Assembly to reject any borrowing request that does not provide sufficient details for public scrutiny.
Atiku insisted that lawmakers should withhold approval until the government discloses the full terms of the loans and provides comprehensive information on the projects they are intended to finance.
Atiku also cautioned domestic and international lenders against participating in borrowing arrangements that, in his view, fail to comply with due process and transparency requirements.
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He warned that debts incurred without proper procedures during the final phase of the administration could face investigation and possible legal challenges by a future government.
The former vice president further argued that Nigerians already facing economic difficulties should not be saddled with additional liabilities without clear evidence of the benefits the borrowed funds would deliver.
His position centres on the need for stronger legislative oversight and public accountability in the management of Nigeria’s external borrowing.
The allegations come amid the Federal Government’s proposed external borrowing plan, which has been submitted to the National Assembly for consideration.
The claims that the loans are intended to finance political campaigns remain Atiku’s allegations; the statement provided no independent evidence establishing that purpose.
