Former Vice President Atiku Abubakar has criticised President Bola Tinubu over a fresh external borrowing request of $516 million, warning that the country must not “borrow blindly” under the guise of development.
The criticism comes after Tinubu formally wrote to the Senate, seeking approval to secure a $516,333,07 loan as part of efforts to fund key national projects.
Reacting in a statement issued on Wednesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku expressed concern over Nigeria’s rising debt profile.
He acknowledged the importance of infrastructure development, especially projects aimed at improving connectivity between regions, but insisted that such ambitions must be backed by responsible financial decisions.
“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.
The former vice president stressed that Nigerians are not opposed to development. However, he noted that citizens expect proper planning and openness in how funds are sourced and utilised. According to him, borrowing without clarity could deepen the country’s financial burden.
“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.
Atiku also referenced past controversies around major infrastructure deals, pointing to concerns raised over procurement processes. He warned against repeating what he described as questionable practices, particularly in large-scale 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 emphasised that every loan obtained in the name of Nigerians must be handled with strict transparency and accountability, in line with existing procurement laws.
“Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws,” he said.
Atiku concluded with a strong warning on the long-term implications of unchecked borrowing, cautioning that development built on debt without clear structures could create more problems than solutions.
“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.
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