Tinubu Seeks $20.5bn, €1.04bn Loans, Atiku, ADC Raise the Alarm

• President cites infrastructure deficit, economic growth, security, agriculture, healthcare, education as priorities 

•Requests NASS approval for N269.4bn promissory notes to clear FG’s debts  

• Atiku alleges proposed borrowing may serve as campaign slush fund, demands project-by-project disclosure

•ADC PCC says president mortgaging Nigeria’s future, warns of economic recolonisation 

• Senate refers supplementary borrowing plan to debt committee, gives one week to report

Chuks Okocha, Sunday Aborisade and Juliet Akoje in Abuja

President Bola Tinubu yesterday asked the National Assembly to approve a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance projects and programmes across critical sectors of the economy, a move that has drawn criticism from former Vice President Atiku Abubakar and the African Democratic Congress Presidential Campaign Council (ADC-PCC).

While the President said the proposed facilities would address Nigeria’s infrastructure deficit, accelerate economic growth, generate employment and improve the living conditions of Nigerians, Atiku alleged that the borrowing request vindicated his earlier warning about a loan plan of up to $20 billion and raised concerns about the possible use of public funds for political purposes.

The ADC-PCC, in a separate reaction, condemned the proposed borrowing, describing it as reckless, warning that excessive dependence on foreign loans could mortgage Nigeria’s future and set the stage for economic recolonisation.

The controversy comes as President Tinubu has also sought the National Assembly’s approval for the establishment and expansion of the federal government’s Promissory Note Programme to settle outstanding verified liabilities amounting to N269.44 billon.

 Tinubu Seeks Approval for $20.5bn, €1.04bn External Loans

Tinubu, in a letter read by Senate President Godswill Akpabio at plenary yesterday, urged the National Assembly to approve the supplementary external borrowing plan for 2026–2027 to enable the federal government to implement its projects and programmes without delay.

He said the proposed borrowing plan covered infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms, among other sectors.

Tinubu said, “The 2026–2027 Supplementary External Borrowing Plan cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation, as well as financial management reforms, amongst others.”

Explaining the rationale for the request, the President said the need to sustain economic growth following the implementation of his administration’s reforms had made additional external financing necessary.

“In light of the critical reforms of my administration, the need to accelerate growth of the national economy provides support for the External Borrowing Plan, which amounts to $20,517,755,901 and €1,045,083,643,” he said.

He added that the projects and programmes covered by the plan had undergone technical and economic assessments to establish their potential contributions to national development.

“I want to emphasise that the projects and programmes included in the Borrowing Plan were selected based on thorough technical and economic evaluation, as well as their anticipated contribution to the socio-economic development of the country,” Tinubu said.

According to him, the proposed interventions are expected to stimulate economic activities, create jobs, promote skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.

“These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.

The President disclosed that most of the projects and programmes would be implemented across the 36 states of the federation and the Federal Capital Territory, underscoring the nationwide scope of the proposed investments.

“The majority of these projects and programmes will be implemented across all the 36 states and the Federal Capital Territory,” he said.

Tinubu added that the scale of Nigeria’s infrastructure needs and the financial resources required to address them had made broader external borrowing necessary to bridge the funding gap.

“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 broader external borrowings to close the financing shortfall,” he said.

He said the funds would be channeled primarily into critical infrastructure, particularly power, transportation and healthcare, while other sectors would also benefit from the proposed financing arrangement.

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

Tinubu urged the Senate and the House of Representatives to give the proposal urgent consideration, arguing that prompt approval would facilitate timely disbursement and effective implementation of the projects.

The President said, “Given the urgent nature of these needs and the importance of stabilising the country, it is crucial to seek the consideration and approval of the National Assembly leadership and the entire National Assembly for the 2026–2027 Supplementary External Borrowing Plan.

“This will enable the government to fulfil its obligations to the Nigerian people through timely disbursements and effective project implementation.”

He maintained that the proposed financing would support the implementation of development programmes and help address the country’s infrastructure funding shortfall.

The letter, however, did not provide, in the material presented to the Senate, a project-by-project breakdown of the proposed facilities, the individual financing terms or the allocation of the funds among the beneficiary sectors.

The proposed borrowing plan comes as the federal government seeks additional resources to finance infrastructure and development programmes amid competing demands on public finances. Its implementation will depend on the National Assembly’s consideration of the proposal and the details of the projects to be financed under the plan.

Following the presentation of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for consideration and directed it to report back to the chamber within one week.

The committee is expected to undertake the initial legislative review of the proposal, with possible collaboration with the Senate Committee on Appropriations and other relevant committees.

The request will require legislative scrutiny before the proposed external financing can proceed.

Tinubu Seeks Approval for N269.4bn Promissory Notes to Clear FG Debts

In a separate legislative request, Tinubu sought the National Assembly’s approval for the establishment and expansion of the federal government’s Promissory Note Programme to settle outstanding verified liabilities amounting to N269.44 billion.

The request was conveyed in a letter from the Secretary to the Government of the Federation (SGF), Senator George Akume, which was read during plenary at the House of Representatives in Abuja yesterday.

The proposed programme is intended to address outstanding contractual commitments, project-related debts and other financial obligations owed by the Federal Government to various categories of creditors.

In the letter dated August 18, 2026, and received by the Office of the Speaker on October 21, Akume disclosed that the outstanding liabilities totaled N269,446,402,822.56, following a comprehensive review conducted by relevant ministries, departments and agencies of the Federal Government.

He stated that Tinubu had approved the proposal to establish and expand the programme as a mechanism for settling the verified obligations.

According to the letter, the initiative is intended to provide “a structured, transparent and fiscally responsible framework” for clearing the outstanding debts while ensuring that only claims that have been properly verified and validated are accommodated under the arrangement.

The request also seeks legislative approval for the inclusion of the identified categories of liabilities and beneficiaries in the programme, subject to final verification, reconciliation and certification by the appropriate government agencies.

Tinubu further requested that the National Assembly empower the Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office and other relevant agencies, to take the necessary steps to implement the programme.

Akume explained that the proposal was designed to reduce the continued accumulation of interest, penalties and other financial charges arising from the unpaid obligations.

He added that the arrangement would provide relief to affected creditors and reinforce confidence in the federal government’s commitment to honouring legitimate contractual agreements and other financial responsibilities.

The SGF noted that the Federal Government had previously deployed the Promissory Note Programme to settle inherited domestic debts and contractual obligations, following approval by the Federal Executive Council and subsequent authorisation by the National Assembly.

He said the proposed arrangement was expected to enable the government settle the outstanding liabilities in an orderly manner without creating an immediate and disproportionate demand on its cash flow.

According to the letter, the programme would also improve fiscal planning by allowing repayment obligations to be spread over an appropriate period, consistent with prudent debt management principles.

Akume appealed to the House of Representatives to give the request urgent consideration, citing the substantial size of the outstanding liabilities, the length of time some of the debts had remained unpaid and the risk of further increases in interest and related costs.

He said prompt legislative approval would allow the Federal Government to begin the necessary procedures for issuing the promissory notes and bringing the affected liabilities to a close.

The detailed schedule of the outstanding obligations, containing the relevant categories, beneficiaries, amounts and supporting documents, was also forwarded to the National Assembly for consideration.

 Atiku Says Loan Request Vindicates His Warning

Former Vice President and ADC presidential candidate, Atiku, said Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion vindicates his October 12 warning about a loan plan of up to $20 billion.

Atiku said the President’s failure to identify the specific projects the loans would fund raises serious concerns that borrowed public money could be channeled through the Lagos–Calabar Coastal Highway, now rerouted inland, to political campaigners and favoured contractors.

In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku was quoted to have 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 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.

“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.

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

“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. Nigerians will ask questions, and we will find the answers by every lawful means.

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

“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 said the burden was on Tinubu to prove that the borrowing would serve the country, not his political interests. He urged lawmakers to publish the proposal and supporting documents and subject them to rigorous scrutiny before any decision.

He added that families already struggling with a cost-of-living crisis should not be made to carry debts they did not approve.

“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.

Atiku further said that Nigerians would have the opportunity at the ballot box to reject a government that borrows against their future while taking their sacrifices for granted.

ADC-PCC Warns of Economic Recolonisation

The ADC-PCC also condemned Tinubu’s request to the National Assembly for approval to borrow an additional $20 billion and £1 billion, describing the move as reckless, unconscionable and a dangerous step towards Nigeria’s economic recolonisation.

In a statement by the Director of Media and Publicity of the ADC-PCC, Kola Ologbondiyan, the council expressed concern that the administration continued to pursue aggressive borrowing without providing Nigerians with a transparent and convincing account of how previous loans and savings from subsidy removal had been utilised.

The ADC-PCC said the fresh borrowing request came at a time when Nigerians were still struggling with the devastating consequences of the administration’s economic policies, including soaring living costs, increased taxation and the removal of fuel subsidies, with millions of citizens facing worsening economic hardship.

Ologbondiyan said it was alarming that the Tinubu administration was seeking additional foreign loans despite the enormous economic burden already imposed on Nigerians.

“What exactly is President Tinubu borrowing all this money for?” he asked.

He further queried: “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.

“Where is the money saved from fuel subsidy removal? What happened to the previous loans? And why must the government return to the international credit market with another $20 billion and £1 billion when millions of Nigerians are struggling to survive?”

Ologbondiyan said the development raised serious questions about the administration’s fiscal priorities, economic direction and commitment to accountability.

According to him, “This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn. A country cannot continue to accumulate foreign debt without a clear, measurable and transparent account of the benefits accruing to its citizens.

“President Tinubu cannot continue to impose painful economic sacrifices on Nigerians, claim the benefits of subsidy removal and, at the same time, seek enormous additional loans without adequately explaining how the resources already available to his government have been spent.”

The ADC-PCC argued that an economic strategy built primarily on borrowing and increased taxation, without corresponding improvements in productivity, infrastructure, employment and citizens’ welfare, risked pushing the country deeper into a debt trap.

It warned that excessive dependence on foreign creditors could expose Nigeria to mounting debt-servicing obligations, constrain future governments’ policy choices and undermine the country’s economic sovereignty.

The council further observed that the administration must demonstrate how the proposed borrowing would contribute to productive investment, economic growth and improved living standards rather than impose additional liabilities on future generations.

“The sovereignty of Nigeria must not be compromised by fiscal recklessness. Our national assets, economic independence and the welfare of future generations must not become casualties of an endless borrowing spree,” Ologbondiyan said.

The ADC-PCC therefore called on the National Assembly to subject the proposed borrowing to rigorous scrutiny and reject it unless the Federal Government provided compelling evidence of its necessity, sustainability and tangible benefits to the Nigerian people.

It also demanded that Tinubu publish a comprehensive account of all domestic and foreign borrowing undertaken since May 29, 2023, alongside a detailed breakdown of the revenue realised from subsidy removal and how the funds had been applied.

The council further called for full disclosure of the proposed loans’ purposes, interest rates, repayment periods, associated fees, conditionalities and any collateral or guarantees attached to the facilities.

It insisted that Nigerians had a constitutional and democratic right to know the obligations being incurred in their name and the implications for the country’s fiscal future.

“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people.

“The National Assembly must not abdicate its oversight responsibilities. It must insist on accountability and ensure that no borrowing arrangement places the country’s future at unacceptable risk.

“Nigerians must not be compelled to pay indefinitely for loans whose purposes, terms and benefits remain unclear. Our country must not mortgage its future through opaque and unsustainable borrowing,” the ADC-PCC stated.