Atiku Abubakar Critiques Tinubu's $516M Loan Request

Former Vice President Atiku Abubakar criticized President Bola Tinubu's recent request for a $516 million external loan, which was formally submitted to the Senate for approval. Atiku warned Nigeria against borrowing blindly, highlighting the country's rising debt profile and the importance of infrastructure development.

He acknowledged the necessity of funding projects aimed at improving regional connectivity but insisted that borrowing must be accompanied by transparency, clear cost-benefit analysis, and a credible repayment framework. Atiku expressed concern over the potential for Nigeria to fall into a debt trap, referencing past controversies surrounding major infrastructure deals, particularly the Lagos-Calabar coastal highway.

He emphasized the need for strict adherence to procurement laws and transparency in handling loans, stating that every kobo borrowed should be accounted for. Atiku concluded with a strong warning about the long-term implications of unchecked borrowing, advocating for responsible financial planning to avoid creating problems for future generations.