Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has said President Bola Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion has vindicated the warning he gave Nigerians on 12 October about a loan plan of up to $20 billion.
In a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Mr Abubakar said the President’s failure to identify the specific projects to be funded deepens concerns that the Lagos-Calabar Coastal Highway could be used to channel borrowed public money to Mr Tinubu’s political campaigners and favoured contractors.
“On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos-Calabar Coastal Highway. I demanded that he confirm or deny the plan and publish the accounts. He did neither. Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated,” Mr Abubakar said.
No project-by-project account
The former vice president said the President listed broad sectors in his request to the Senate but did not provide Nigerians with a project-by-project account of what the enormous borrowing will fund.
“There are no clear project details, costs, locations or contractors for the public to scrutinise,” he said.
He said the silence is especially troubling because the Coastal Highway has been rerouted inland.
“Nigerians have every right to ask whether the highway is being turned into a pipeline for borrowed money to reach Tinubu’s campaigners and favoured contractors,” he added.
He questioned the timing of the request, noting that it is coming barely 12 weeks before an election.
“How can any President, barely 12 weeks before an election, ask lawmakers to saddle Nigerians with more than $20 billion and €1 billion in debt without identifying the projects and their costs? Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure? Tinubu must answer,” he said.
Demand to National Assembly
Mr Abubakar called on the National Assembly not to approve any part of the loan until the President publishes every project, contract, cost, contractor, loan term and repayment obligation.
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“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation.
“No public money should be borrowed in the dark. No lawmaker should sign a blank cheque against Nigeria’s future,” he added.
“I warned Nigerians before this request reached the Senate. Now the burden is on Tinubu to prove that this borrowing will serve the country, not his political interests,” Mr Abubakar said.
He also called on lawmakers to make the loan proposal and its supporting documents public and subject them to rigorous scrutiny before any decision.
