Atiku warns Tinubu against ‘blind borrowing’ as President seeks $516m loan

Former Vice President Atiku Abubakar has criticised President Bola Tinubu over a fresh external borrowing request of $516 million, warning that Nigeria must not “borrow blindly” under the guise of development.

The criticism follows Tinubu’s formal request to the Senate for approval to secure the loan to fund key national projects.

In a statement on Wednesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku expressed concern over Nigeria’s rising debt profile. While acknowledging the importance of infrastructure development, he insisted such ambitions must be backed by responsible financial decisions.

“At a time when Nigeria is already groaning under the weight of unsustainable debt, the resort to yet another foreign loan, without transparent terms, clear cost-benefit analysis, and a credible repayment framework, raises profound questions about prudence and accountability,” Atiku said.

He stressed that Nigerians expect proper planning and openness in how funds are sourced and utilised, adding that borrowing without clarity could deepen the country’s financial burden. “Development must not become a euphemism for deepening debt traps that generations yet unborn will be forced to repay,” he said.

Atiku also referenced past controversies around major infrastructure deals, including the Lagos-Calabar Coastal Highway, warning against repeating what he called questionable procurement practices.

“Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws,” he stated.

He concluded: “Nigeria must build, but Nigeria must not borrow blindly. Progress anchored on opacity and debt accumulation is neither progress nor leadership; it is postponement of crisis.”

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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