Atiku Calls on Senate to Block Tinubu's $7.7bn Loan Request

Nigeria's Senate faces pressure from Atiku Abubakar, the former vice president, to reject President Bola Tinubu's $7.7 billion external borrowing proposal designed to help finance the 2026 budget deficit. On Wednesday, his campaign council's director of strategic communication released a statement in which Atiku criticized what he characterized as an unsustainable pattern of borrowing by the federal administration.

The loan amount, approximately ₦10.79 trillion, now faces heightened scrutiny as the government seeks parliamentary approval for the funds. The timing and frequency of these loan requests form the crux of Atiku's objections.

He noted that the National Assembly had barely completed reviewing earlier external borrowing proposals totaling $20.52 billion plus €1.045 billion when yet another $7.7 billion request emerged. According to the former vice president, this succession of rapid loan submissions poses risks to Nigeria's fiscal sustainability and creates burdens for future generations.

Demands for openness stand at the heart of Atiku's position regarding the proposed borrowing. Before endorsing further external debt, he stressed that parliamentarians must verify how funds will be allocated and establish that credible repayment frameworks are in place.

Atiku argued that the Senate should withhold its blessing unless lawmakers obtain details on which projects will receive financing and understand the terms creditors have imposed. Atiku also raised objections rooted in presidential tenure considerations.

With Tinubu's administration nearing its end, Atiku argued that pursuing major debt obligations at this advanced stage represents poor governance. This reflects a fundamental divide between the opposition and the ruling administration over borrowing practices and economic policy as Nigeria navigates fiscal challenges heading toward upcoming electoral contests.