Atiku Reveals Tinubu’s Alleged Plot to Use Fresh Loans to Fund 2027 Campaign

Former Vice President Atiku Abubakar has accused President Bola Tinubu of potentially using fresh external loans to finance political activities ahead of the 2027 general elections.

The accusation follows the President’s request for legislative approval to borrow $20.52 billion and €1.045 billion.

Atiku, the presidential candidate of the African Democratic Congress (ADC), said the proposed borrowing validated his earlier warning that the Tinubu administration was preparing to obtain up to $20 billion in loans linked to the Lagos-Calabar Coastal Highway project.

He expressed concern that the Federal Government had not provided sufficient details about the specific projects to be financed with the proposed loans, raising questions about transparency, accountability and the possible use of public funds for political purposes.

The former vice president made the allegations in a statement issued on Tuesday, October 27, by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.

Atiku said he had warned Nigerians on October 12 about the reported borrowing plan and challenged Tinubu to confirm or deny the information and publish details of the proposed loans.

“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,” he said.

President Tinubu’s latest borrowing request was conveyed to the National Assembly in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

The proposal seeks approval for external loans to finance projects and programmes across several sectors of the Nigerian economy. However, the full breakdown of the proposed facilities, including the amounts allocated to individual projects, was not immediately available in the information provided.

Atiku argued that listing broad sectors without providing detailed project information was insufficient, insisting that Nigerians deserved to know how the funds would be spent and who would benefit from the contracts.

“The President has listed broad sectors but has not provided a project-by-project account of what this enormous borrowing will fund. Nigerians have not been given clear project details, costs, locations or contractors to scrutinise,” he said.

He also questioned the circumstances surrounding the Lagos-Calabar Coastal Highway project, alleging that the route’s inland rerouting raised concerns about how funds connected to the project might be managed.

“That silence is especially troubling given the highway’s inland rerouting. Nigerians have every right to ask whether it is becoming a pipeline for borrowed money to reach Tinubu’s campaigners and favoured contractors,” Atiku stated.

He further questioned the timing of the proposed borrowing ahead of the 2027 elections, arguing that the government should provide comprehensive details before lawmakers consider taking on additional financial obligations.

“Barely 12 weeks before an election, how can the President ask lawmakers to saddle Nigerians with more than $20 billion and €1 billion in debt without identifying the projects and their costs?” he asked.

“Is this a development plan for Nigerians or a campaign financing scheme dressed up as infrastructure?”

The ADC chieftain also warned against what he described as excessive borrowing towards the end of an administration’s tenure, promising to investigate the loans if elected president.

“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 added that his administration would examine the legality of loans obtained during the final period of Tinubu’s government and challenge any borrowing found to have violated constitutional or statutory requirements.

“I put local and international lenders on notice: any loan granted to this winding-down administration must meet all constitutional, statutory and due process requirements. Upon assumption of office, I will scrutinise every such loan,” he said.

“Any borrowing found to have been obtained without proper authorisation or process will be challenged and will not be allowed to stand.”

He also called on the National Assembly to withhold approval for the proposed loans until the Federal Government publishes comprehensive documentation covering the projects, contracts, costs, contractors 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,” Atiku said.

“No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future.”

The former vice president maintained that the Federal Government had a responsibility to demonstrate that the proposed borrowing would serve the public interest rather than political interests.

He urged lawmakers to make the proposal and its supporting documents available for public scrutiny before taking a decision on the request.

Atiku also linked his concerns to the economic difficulties facing Nigerians, arguing that households and small businesses should not be burdened with additional debt without knowing how the borrowed funds would be used.

“The woman fighting to keep her business alive and the worker spending their income just to feed deserve to know where the money is going, who will benefit and who will pay,” he said.

“At the ballot box, Nigerians will have the chance to reject a government that borrows against their future while taking their sacrifices for granted,” he added.

Tinubu’s latest request comes amid the Federal Government’s continued reliance on external borrowing to finance infrastructure and other development programmes.