Atiku Calls on Senate to Reject Tinubu’s New Loan Request of ₦10.79 Trillion

Former Vice President Atiku Abubakar has asked the Senate to reject President Bola Tinubu’s request for a new loan of about ₦10.79 trillion, which is roughly $7.7 billion. This loan is intended to help finance the budget deficit for 2026.

Atiku expressed his concerns in a statement released on Wednesday. He criticized the government for frequently seeking loans, noting that just days earlier, a proposal for another loan of over $20 billion was submitted to the National Assembly. He believes that Nigerians should not have to accept continuous borrowing as a normal procedure.

Atiku emphasized that every new loan is a burden that the people will eventually have to repay. He pointed out that the government should not rely on borrowing instead of managing the economy effectively, especially as families and businesses face rising costs due to the government’s failures.

He also raised questions about the lack of detailed information regarding the new loan. Atiku wants to know which specific projects will be funded, how much each project will cost, and what the repayment terms will be. He noted that the government’s own communication suggests that the final terms of the loan will depend on market conditions.

Atiku urged the Senate to carefully examine the loan proposal rather than simply approving it. He believes the Senate should demand a clear list of projects, funding allocations, and repayment plans before considering the loan.

He warned that as President Tinubu’s term comes to an end, he should not commit future administrations and the Nigerian people to new debts without full transparency. Atiku also called on international lenders to stop providing loans to the current government until it shows clear accountability for previous loans.

Atiku criticized the current administration for accumulating public debt rapidly while failing to provide adequate public infrastructure and social support. He stated that many Nigerians are struggling, and the government must answer the pressing questions about its financial decisions before taking on more debt.