Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has called on the Federal Government to disclose details of its $5bn loan facility from First Abu Dhabi Bank.
Atiku, in a statement issued on Sunday by his media office in Abuja, accused the Bola Tinubu administration of excessive borrowing and inadequate transparency in the management of the nation’s debt.
He warned that continued borrowing without clear evidence of economic benefits could worsen the country’s debt burden and leave future generations saddled with obligations they did not create.
According to him, the government owes Nigerians an explanation on how the Abu Dhabi facility would be spent, particularly as taxpayers would ultimately bear the responsibility for repaying the loan.
Atiku also criticised the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, over his response to demands for details of the facility. Oyedele had said the loan was approved by the National Assembly and would be used to refinance more expensive debt.
The former vice president, however, argued that legislative approval should not prevent the government from providing Nigerians with information on the utilisation of borrowed funds.
“The government is obliged to explain every loan taken on behalf of Nigerians. Every kobo borrowed matters because citizens, both living and unborn, will bear the burden of repayment,” Atiku said.
He further raised concerns about the reported requirement for the Federal Government to provide securities worth about 133 per cent of the loan as collateral, saying the arrangement made transparency and accountability imperative.
Atiku urged Nigerians to demand greater accountability from the government, warning that borrowing without measurable improvements in citizens’ welfare could erode public confidence and pose a threat to the country’s economic future.
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