Atiku, ADC Oppose Tinubu’s Proposed $20.52bn and €1.045bn Foreign Loans, Demand Full Disclosure

Politics | Nigeria | October 28, 2026

Former Vice President Atiku Abubakar and the African Democratic Congress (ADC) have opposed President Bola Tinubu’s request for legislative approval to secure fresh external loans worth $20.52 billion and €1.045 billion, calling on the Federal Government to provide detailed information about the proposed borrowing before lawmakers make a decision.

What happened?

President Tinubu has asked the National Assembly to approve the Federal Government’s 2026–2027 Supplementary External Borrowing Plan, which comprises approximately $20.52 billion and €1.045 billion, equivalent to about $1.17 billion.

According to the President’s submission, the proposed financing is intended to support infrastructure and development programmes across Nigeria, including projects relating to transportation, electricity, healthcare, education, agriculture, water supply, security and employment generation.

The request has drawn criticism from Atiku and the ADC, who argue that Nigerians need a comprehensive explanation of how the funds would be spent, the projects they would finance and the repayment obligations the country would assume.

Why Atiku and the ADC are objecting

Atiku, through a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, said the proposed borrowing reinforced concerns he had raised on October 12, 2026, about reports of a potential $20 billion loan.

He questioned the absence of a publicly detailed, project-by-project breakdown covering the proposed projects, their locations, costs and contractors.

Atiku also raised concerns about the Lagos - Calabar Coastal Highway, alleging that changes to the project's route and the lack of sufficient public information warranted closer scrutiny. His allegations about possible political beneficiaries have not been established as facts.

He urged the National Assembly to withhold approval until the government discloses the relevant project documents, loan conditions, interest rates, repayment schedules and other financial obligations.

The ADC Presidential Campaign Council separately criticized the proposed borrowing, arguing that the government should account for previous loans and explain how revenue and savings associated with the removal of the petrol subsidy have been used.

The party warned that additional foreign borrowing could increase debt-servicing pressures and restrict the government's ability to finance other priorities if the funds do not generate sufficient economic benefits.

What the Federal Government says

The government's stated position is that the proposed financing would help address Nigeria's infrastructure deficit and close funding gaps affecting development projects.

In his submission to lawmakers, Tinubu argued that substantial investment was needed across critical sectors and that external financing could help accelerate the implementation of projects expected to create jobs, improve infrastructure and support economic development.

The central question is therefore not simply whether Nigeria should borrow, but whether the proposed loans are affordable, transparently managed and likely to deliver benefits that justify their long-term costs.

What Nigerians should watch

Three issues will be important as the National Assembly considers the request:

• • Transparency: Will the government publish specific projects, budgets, contractors and implementation timelines?
  • Debt sustainability: What interest rates, repayment periods, fees and other conditions will apply, and how will the obligations affect future budgets?
  • Public benefits: What measurable improvements in jobs, electricity, transport, healthcare and other essential services can Nigerians expect from the financed projects?

The outcome of the legislative review could have implications for public finances, infrastructure development and accountability in the run-up to Nigeria's 2027 general elections.

For now, the borrowing request should be distinguished from an approved loan: the President has sought legislative approval, and the National Assembly's scrutiny and decision remain important steps in the process.

Note:

Nigeria faces substantial development and infrastructure needs, but large-scale foreign borrowing carries long-term obligations. The debate between the Tinubu administration and the ADC highlights the need to examine both the proposed benefits of new financing and the transparency of its terms, spending and repayment.

The decisive questions are how the money will be used, what it will cost and how Nigerians will benefit.

Source: Leadership - Atiku, ADC Reject Tinubu’s Fresh Loan Request