Former Vice-President Atiku Abubakar has called on the National Assembly to reject President Bola Tinubu’s proposed external borrowing plan worth $20.52 billion and €1.045 billion, questioning its timing, transparency and intended purpose.

Atiku, the presidential candidate of the African Democratic Congress (ADC), made the call in a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.

The former vice-president argued that the proposed borrowing reinforced his October 12 warning that the Tinubu administration was planning to borrow up to $20 billion for the Lagos-Calabar Coastal Highway project.

He faulted the Federal Government for allegedly failing to provide adequate information about the projects to be financed, including their locations, costs and contractors, saying the lack of details would undermine public scrutiny and accountability.

Atiku also raised concerns that the funds could be diverted to political campaign activities or allocated to favoured contractors. He cited reports alleging that the Lagos-Calabar Coastal Highway had been rerouted inland.

“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?”

Tinubu’s borrowing proposal was presented to the National Assembly through a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

In the letter, the President said the proposed loans would support projects and programmes across several sectors, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

Tinubu explained that external borrowing was necessary to bridge the country’s infrastructure financing gap and provide resources for critical development projects.

“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” the President said.

“These funds will primarily be directed towards critical infrastructure projects in various sectors including power, transportation and healthcare, amongst others.”

Reacting to the proposal, Atiku insisted that the National Assembly should not approve the loans until the Federal Government made public comprehensive details of the projects, contracts, costs, contractors, borrowing terms and repayment obligations.

He maintained that Nigerians had the right to know how the proposed funds would be spent and who stood to benefit from the investments.

“You cannot continue taking frivolous loans on the eve of your departure from office,” he said.

The ADC presidential candidate also cautioned local and international lenders against granting loans to the administration without ensuring compliance with constitutional provisions, statutory requirements and due process.

Atiku said that, if elected, he would review loans obtained by the outgoing administration and challenge any borrowing found to have been secured without the necessary authorisation or proper procedures.

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

He further warned that additional borrowing could increase the financial burden on households already struggling with the rising cost of living.

Atiku therefore urged lawmakers to thoroughly examine the proposal and its supporting documents before taking a decision, stressing that public borrowing must be transparent, accountable and tied to clearly defined national development priorities.