Former Vice President Atiku Abubakar has called on the Senate to reject President Bola Ahmed Tinubu’s latest request for a $7.7 billion external loan, warning that additional borrowing could increase the financial burden on Nigerians and future administrations.
Atiku’s position was contained in a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress Presidential Campaign Council.
The proposed loan, estimated at ₦10.79 trillion, is expected to help finance the 2026 budget deficit.
Atiku Raises Concern Over Repeated Borrowing Requests
Atiku described the frequency of the Federal Government’s borrowing proposals as alarming, noting that the latest request came shortly after another external borrowing proposal of $20.52 billion and €1.045 billion was submitted to the National Assembly.
He questioned whether successive borrowing requests should be treated as routine legislative business.
“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” Atiku said.
He argued that foreign loans would ultimately have to be repaid by Nigerians and criticised the government’s borrowing strategy.
“Every new foreign loan is a bill Nigerians will eventually have to pay,” he said, adding that borrowing should not replace sound economic management.
Loan Request Awaits Legislative Consideration
The proposed $7.7 billion facility is intended to part-finance the 2026 budget deficit. The Senate’s decision on the request will determine whether the proposal proceeds through the legislative approval process.
Atiku’s statement adds to the debate over Nigeria’s external borrowing, debt obligations and the financing of government expenditure.
