Former vice-president Atiku Abubakar has urged the Senate to reject President Bola Tinubu’s $7.7 billion external borrowing request, saying Nigerians need to know its costs and intended uses.
Atiku made the call in a Wednesday statement issued by Phrank Shaibu, director of strategic communication for the African Democratic Congress (ADC) Presidential Campaign Council.
He asked lawmakers to demand a full project list, funding allocations, loan conditions and a credible repayment plan before considering the proposal. He said Nigerians would ultimately bear the debt burden.
“Nigerians should not be asked to accept a loan before they know what it will cost the country,” he said.
In the borrowing request read to senators on Wednesday, Tinubu said the money would help finance the 2026 budget deficit and projects in sectors including transport, agriculture, power, education and health.
Tinubu said final Eurobond interest rates and repayment periods would depend on market conditions at pricing. He said the finance ministry and Debt Management Office would seek the best terms available.
The request is before the Senate Committee on Local and Foreign Debts for further consideration; it has not received Senate approval.
Sources: Punch; Daily Post; Punch; Earlier NaijaTrend report
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