….Ex-VP says it’s campaign financing scheme

The African Democratic Congress (ADC) and its presidential candidate, Atiku Abubakar, have urged the National Assembly to reject President Bola Tinubu’s proposed $20.52 billion and €1.045 billion foreign loans, warning that the borrowing could deepen Nigeria’s debt burden without adequate transparency and accountability.

Tinubu on Tuesday asked lawmakers to approve the loans to fund projects in infrastructure, agriculture, healthcare, education, security and other critical sectors.

But Kola Ologbondiyan, director of media and publicity of the ADC Presidential Campaign Council, questioned the justification for the fresh borrowing, demanding evidence that it would translate into better living conditions for Nigerians.

“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” Ologbondiyan said.

The council accused the federal government of piling debt on Nigerians already struggling with rising living costs and increased taxation, while failing to account adequately for previous borrowings and revenue from petrol subsidy removal.

The ADC-PCC also demanded a comprehensive account of domestic and foreign loans secured since May 29, 2023, and details of how subsidy-removal proceeds had been spent.

“This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn,” Ologbondiyan said.

Similarly, Atiku in a separate statement by Phrank Shaibu, his media aide, alleged that the borrowing could be used to finance political campaigns and benefit favoured contractors ahead of the 2027 general election.

“You cannot continue taking frivolous loans on the eve of your departure from office. Let it be on record that one of the first responsibilities I will undertake as President is to scrutinise and investigate every kobo borrowed, especially loans taken in the final year of your tenure,” he said.

Atiku also warned local and international lenders that any loans granted to the outgoing administration must comply with constitutional requirements, relevant laws and due process, adding that any borrowing found to have violated the prescribed procedures would be challenged.

He called on the National Assembly to withhold approval until Tinubu publishes the details of the proposed projects, 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. No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” he said.