Former Vice President Atiku Abubakar has criticised President Bola Tinubu over the Federal Government’s latest $7.7 billion external borrowing request, urging the Senate to reject the proposal until the government provides full details of the intended expenditure and repayment conditions.

Atiku, who is the presidential candidate of the African Democratic Congress (ADC), described the frequency of the administration’s borrowing requests as alarming, warning that Nigerians and future generations would ultimately bear the financial consequences.

The proposed $7.7 billion facility, equivalent to approximately ₦10.79 trillion at the budget exchange rate of ₦1,400 to the dollar, is expected to partly finance the 2026 budget deficit.

In a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku questioned why the Tinubu administration continued to seek fresh foreign loans.

He argued that repeated borrowing should not become routine government practice, particularly when Nigerians were struggling with economic hardship and rising living costs.

Atiku said every additional foreign loan represented another financial obligation for Nigerians, insisting that borrowing could not replace responsible economic management.

The former vice president called on the Senate to subject the proposal to rigorous scrutiny and demand comprehensive information about the projects to be financed, their individual costs, applicable interest rates and repayment schedules.

He also raised concerns about the President’s indication that the final borrowing terms, including interest rates and repayment periods, would depend on prevailing market conditions when the funds are raised.

According to Atiku, Nigerians should not be expected to accept additional debt without knowing the actual financial implications.

He urged lawmakers to demand a comprehensive project list, transparent funding allocations and a credible repayment strategy before considering the request.

Atiku also called on international lenders and financial institutions to suspend fresh lending to the Tinubu administration until the Federal Government demonstrates transparency in its borrowing arrangements and provides evidence of the benefits of previous loans.

The ADC chieftain further accused the administration of presiding over worsening economic conditions despite the removal of the petrol subsidy and continued access to foreign financing.

He argued that the country’s growing debt obligations, inadequate infrastructure investment and limited social welfare interventions raised serious questions about the effectiveness of the government’s economic policies.

Atiku proposed a production-based petroleum subsidy as part of an alternative approach to addressing economic difficulties and supporting Nigerians.

He maintained that the National Assembly must prioritise the interests of citizens and hold the executive accountable before approving additional borrowing.

Meanwhile, President Tinubu’s latest request was conveyed to the National Assembly in a letter dated October 26, 2026, and read by Senate President Godswill Akpabio during Wednesday’s plenary.

The President explained that the proposed external borrowing formed part of the N29.2 trillion new borrowing approved in the 2026 Appropriation Act, comprising N18.4 trillion in domestic borrowing and approximately N10.79 trillion in external financing.

The funds are expected to support projects and programmes in defence and security, transportation, agriculture, power, education and healthcare.

Tinubu also identified Eurobond issuance, alongside other international financing options, as possible sources of the funds.

Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debts for further legislative consideration.

The latest proposal has also replaced an earlier borrowing request involving $20.52 billion and €1.045 billion, which the President had submitted to the National Assembly under the 2026–2027 Supplementary External Borrowing Plan.

The controversy adds to the growing debate over Nigeria’s public debt, borrowing strategy and the need to ensure that external loans translate into measurable economic and developmental benefits.

Atiku Abubakar has urged the Senate to reject President Tinubu’s fresh $7.7 billion loan request, demanding transparency over spending, interest rates and repayment conditions.