‘Campaign slush fund’, Atiku alleges over Tinubu’s $20.5bn loan

Former Vice-President Atiku Abubakar has urged the National Assembly to reject President Bola Tinubu’s request to borrow $20.52bn and €1.045bn, alleging that the proposed loans could be used to finance political campaigns and benefit favoured contractors.

Atiku, the African Democratic Congress presidential candidate, said the President had failed to provide project-by-project details of how the proposed borrowing would be spent, making it difficult for Nigerians to scrutinise the plans.

In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the request vindicated his October 12 warning that Tinubu was preparing to borrow up to $20bn in connection with the Lagos–Calabar Coastal Highway.

He questioned whether the proposed borrowing was intended to fund infrastructure development or serve political interests ahead of the 2027 general election.

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“The President has listed broad sectors but has not provided a project-by-project account of what this enormous borrowing will fund,” Atiku said, adding that Nigerians had not been given clear details of the projects, their costs, locations or contractors.

He also raised concerns over the reported inland rerouting of the Lagos–Calabar Coastal Highway, alleging that the project could become a channel for directing borrowed funds to Tinubu’s campaigners and preferred contractors.

Atiku called on lawmakers to withhold approval until the President publishes details of every project to be funded, including contracts, costs, contractors, loan terms and repayment obligations.

“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation,” he said.

He warned that approving the loans without adequate disclosure would amount to committing Nigerians to substantial debt without sufficient accountability.

The former vice-president also put local and international lenders on notice, saying he would scrutinise loans obtained by the administration if elected president and challenge any borrowing found to have violated constitutional, statutory or due-process requirements.

Atiku further urged the National Assembly to make the loan proposal and its supporting documents public and subject them to rigorous scrutiny before taking a decision.

The proposed external borrowing request includes $20.52bn and €1.045bn, according to Atiku’s statement. He maintained that the government must demonstrate that the funds would serve the country’s development needs rather than political interests.