Former Vice President Atiku Abubakar has launched a sharp critique against President Bola Tinubu following the administration’s formal request for Senate approval to secure a fresh $7.7 billion foreign loan.
Warning against burdening Nigerians and future administrations with mounting public debt, the opposition leader demanded full disclosure regarding the precise allocation and disbursement plans for the proposed funds.
​The statement, issued in Abuja on Wednesday, November 4, 2026, was signed and released by Phrank Shaibu, Special Assistant on Public Communication to Atiku Abubakar.
​Atiku questioned the economic rationale behind the President’s frequent reliance on external borrowing, noting that this latest $7.7 billion request, intended to cover budget deficits, comes on the heels of earlier multibillion-dollar loan proposals submitted to the National Assembly.
He argued that the continuous accumulation of foreign debt has failed to translate into visible infrastructural improvements or economic relief for citizens already struggling with rising inflation and the aftermath of petrol subsidy removals.
​Addressing the legislature, the former Vice President urged the Senate to reject any blanket approvals and instead subject the borrowing plan to rigorous, line-by-line scrutiny.
He insisted that lawmakers must withhold authorisation until the Executive branch provides a fully itemised list of target projects, exact interest rates, repayment schedules, and verifiable development milestones.
​Atiku further extended his warning to international creditors, foreign financial institutions, and multilateral lenders, cautioning them against granting further credit lines to the administration without comprehensive transparency and accountability frameworks in place.
He maintained that without strict fiscal discipline and public disclosure, unrestricted borrowing will only exacerbate Nigeria’s economic challenges and compromise its financial sovereignty.
