Atiku Abubakar Opposes New Loans Amid Tinubu's Tenure

Atiku Abubakar, through Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, expressed concerns over President Tinubu's repeated borrowing requests as his tenure approaches its end. He highlighted a recent proposal for $7.7 billion following a previous external borrowing proposal of $20.52 billion and €1.045 billion.

Abubakar criticized the government's reliance on borrowing, stating that each new foreign loan becomes a financial burden for Nigerians. He demanded clarity on the specific projects funded by these loans, their costs, repayment schedules, interest rates, and overall conditions.

Abubakar urged the Senate to rigorously scrutinize the proposal and not approve any new debt without full disclosure. He emphasized that the government should not receive a "blank cheque" for foreign debt and called on international lenders to halt new loans until the administration provides transparent terms and evidence of past borrowing benefits.

He also noted the adverse economic conditions under Tinubu's administration, including a cost of living crisis and infrastructure deficits.