Atiku, Umeh Challenge Tinubu’s $20.52bn, €1.045bn Loan Plan

By Ibrahim Kegbegbe

FCT, Abuja -October 28, 2026

Former Vice President Atiku Abubakar and Senator Victor Umeh have questioned President Bola Tinubu’s fresh foreign borrowing plan, raising concerns about transparency, public debt and the utilisation of previously borrowed funds.

Tinubu has asked the National Assembly to approve external loans of $20.52 billion and €1.045 billion under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan. The proposal is denominated in US dollars and euros, not naira.

Atiku urged lawmakers to suspend consideration of the request until the government publishes details of the projects, contractors, costs, loan conditions and repayment obligations. He argued that listing broad sectors without project-specific information was insufficient to justify the borrowing.

The African Democratic Congress chieftain also questioned the timing of the request and raised concerns about the reported rerouting of the Lagos–Calabar Coastal Highway, alleging that the borrowing could benefit political allies and favoured contractors. These claims have not been established as facts.

Similarly, Umeh questioned why contractors were reportedly still owed for capital projects despite previous borrowing approvals. He called for greater accountability over the utilisation of borrowed funds.

The Federal Government says the proposed loans would finance infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

The Merit Newspaper reports that the request is awaiting legislative consideration. The controversy has renewed debate over Nigeria’s borrowing strategy, the transparency of public spending and the need to demonstrate that additional debt will deliver measurable benefits to citizens.