Atiku Asks NASS to Reject Tinubu’s $7.7bn Loan Request

Posted by Nwa Diokpa Featured, Latest Headlines, News, News Across Nigeria Thursday, November 5th, 2026

(AFRICAN EXAMINER) – Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has asked the National Assembly to reject President Bola Tinubu’s request to borrow $7.7 billion The loan, about N10.79 trillion, is meant to finance part of the 2026 budget deficit.

Atiku said this in a statement issued on Wednesday by Phrank Shaibu, director of strategic communication of the ADC presidential campaign council. He described the proposed borrowing as another burden on Nigerians and questioned why the federal government keeps asking for foreign loans.

On Tuesday, Senate President Godswill Akpabio read Tinubu’s October 26 letter seeking approval for the external borrowing during plenary.

The request covers the external part of the N29.2 trillion borrowing approved in the 2026 Appropriation Act to finance a budget deficit of about N31.4 trillion.

The president said the funds would be raised through one or a combination of sources, including loans from multilateral and bilateral institutions, International Monetary Fund (IMF) facilities, bridge financing and Eurobond issuance.

Tinubu said the letter replaces the earlier request for $20.3 billion because the new request is clearer and does not rely on one source.

Atiku asked why the Tinubu administration was making frequent borrowing requests. He said Nigerians should not be expected to treat foreign debt as routine government business.

“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?” he asked.

He said the new request came barely days after a proposal of $20.52 billion and €1.045 billion was presented to the national assembly. He said every new foreign loan would become a financial obligation for Nigerians, and that borrowing should not replace sound economic management.

Atiku also said the request did not give details of the projects to be funded, their costs and the repayment conditions. He said the president’s letter showed that final interest rates and repayment tenures would depend on market conditions when the funds are raised.

“Nigerians should not be asked to accept a loan before they know what it will cost the country,” he said.

He urged the Senate to scrutinise the proposal and demand a full list of projects, funding allocations, loan terms and a credible repayment plan before approving it.

“No government should receive a blank cheque to contract foreign debt in the name of budget implementation,” he said.

Atiku also called on international agencies and lenders to stop giving new loans to the Tinubu administration until it provides transparent borrowing terms, a credible repayment plan and evidence that past loans helped Nigerians.

He accused the government of presiding over a worsening cost-of-living crisis despite removing the petrol subsidy. He said households and businesses were struggling with rising costs.

“Tinubu removed the subsidy on petroleum products but has emerged as the highest-borrowing government in Nigeria’s record history,” he said.

He also questioned what the loans were being used for, saying public infrastructure is limited and social welfare intervention is non-existent.

“Nigerians are hungry and angry. Public infrastructure is limited; social welfare intervention is non-existent. Yet Nigeria is owing massively under Tinubu,” he said.