Atiku urges Nigerian Senate to reject $20.52bn borrowing
By the AFREEQUE newsroom, based on Leadership
Former Nigerian vice-president Atiku Abubakar is asking the Senate to reject external borrowing sought by President Bola Tinubu, amounting to $20.52 billion and €1.045 billion. He wants details of the projects to be funded, their costs and contractors before any consideration, according to a statement by his campaign team cited by Leadership.
Former Nigerian vice-president Atiku Abubakar is calling on the Senate to reject President Bola Tinubu’s proposed external borrowing of $20.52 billion and €1.045 billion. He is asking lawmakers for details of the projects to be funded before any approval, according to a statement by Phrank Shaibu, strategic communications director for his African Democratic Congress presidential campaign.
Atiku says the president’s request does not specify the projects, their costs, where they will be carried out or the companies responsible for the work. He is particularly concerned about the use of funds for the Lagos-Calabar coastal highway, whose route was moved inland, and raises the possibility of campaign financing or contracts being awarded to favoured companies. These allegations are made by Atiku, an opposition presidential candidate.
The former vice-president recalls warning on 12 October that the government was preparing to borrow up to $20 billion linked to the highway. He has promised to investigate all borrowing by the Tinubu administration if elected and called on Nigerian and foreign lenders to be vigilant. The president asked the Senate on 27 October to approve the external borrowing, according to the proposal submitted by Bola Tinubu.
