Former Vice President Atiku Abubakar has questioned President Bola Tinubu’s request for approval to obtain $20.52bn and €1.045bn in external loans, demanding details of the projects to be financed.

Atiku, the African Democratic Congress presidential candidate, said the borrowing request raised concerns about transparency and the possibility of public funds being used for political purposes.

In a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the request vindicated his October 12 warning about a proposed loan of up to $20bn.

He alleged that the President’s failure to provide project-by-project details, including costs, locations and contractors, raised questions about how the funds would be spent.

Atiku also questioned the inland rerouting of the Lagos–Calabar Coastal Highway, alleging that the project could be used to channel borrowed funds to political campaigners and favoured contractors.

He said, “On October 12, I warned Nigerians that President Tinubu was reportedly preparing to borrow up to $20 billion in connection with the Lagos–Calabar Coastal Highway. I asked him to confirm or deny the plan and publish the accounts. He did neither. Today, he has asked the Senate to approve $20.52 billion and €1.045 billion in external loans. My warning has been vindicated.”

The former vice president said lawmakers should not approve the loans until the government published details of the projects, contracts, costs, contractors, loan terms and repayment obligations.

He added, “The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation. No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future.”

Atiku also warned local and international lenders to ensure that any loans granted to the administration complied with constitutional, statutory and due process requirements.

He said he would scrutinise loans obtained during the final year of Tinubu’s tenure if elected president, adding that any borrowing found to have violated the required procedures would be challenged.

Atiku urged lawmakers to make the loan proposal and its supporting documents public and subject them to thorough scrutiny before reaching a decision.

He said Nigerians already facing rising living costs should not be saddled with debts without knowing how the funds would be used, who would benefit and how the obligations would be repaid.

The statement was signed by Shaibu on October 27, 2026.