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• Warns Tinubu against fresh N10.79trn loan, demands accountability for previous borrowings
From Ndubuisi Orji, Abuja
The African Democratic Congress (ADC) presidential candidate and former Vice President, Atiku Abubakar, has promised to end insecurity, restore hope to Nigerian youths and make the country affordable again if elected president in 2027, as he intensified his criticism of President Bola Tinubu’s economic policies and warned against the Federal Government’s fresh N10.79 trillion external borrowing request.
Atiku, who made the pledge on Wednesday following his arrival in Sokoto State for the commencement of his presidential campaign, said Nigerians had endured enough hardship, insecurity and unfulfilled promises, insisting that the country needed a government capable of protecting lives and property, reviving economic activities and restoring public confidence in its leadership.
The former Vice President, who was received by a large crowd of supporters, said his campaign would focus on addressing the worsening security situation, reducing the cost of living, creating opportunities for young people and rebuilding the economy.
His declaration came as he separately called on the National Assembly to reject President Tinubu’s fresh request to borrow $7.7 billion, approximately N10.79 trillion, unless the administration provided a comprehensive account of previous borrowings, a detailed list of projects to be financed and a credible repayment plan.
Speaking on his arrival in Sokoto, the ADC presidential candidate expressed appreciation to the people of the state for their reception, describing Sokoto as a historic centre of faith, scholarship and leadership.
He said the enthusiasm demonstrated by his supporters reflected the growing determination of Nigerians to demand a government that would address their economic and security concerns.
“I will end the insecurity that haunts our communities, restore hope to our young people, and make Nigeria affordable again,” he declared.
Atiku said Nigerians were tired of hunger, insecurity and promises that had failed to translate into meaningful improvements in their living conditions, expressing confidence that the ADC would offer a credible alternative in the 2027 presidential election.
He arrived at the Sultan Abubakar III International Airport, Sokoto, at about 1 p.m., accompanied by members of his campaign team, ahead of the rally scheduled for the party’s state secretariat along Ilorin Road.
Among those who received him were his running mate, Rotimi Amaechi; former Sokoto State Governor, Aminu Tambuwal; former Minister and Kebbi State governorship candidate, Abubakar Malami; Sokoto ADC governorship candidate, Manir Dan’Iya; and other party leaders.
Thousands of supporters gathered at the airport, the party secretariat and adjoining roads to welcome the former Vice President, with some chanting slogans against the Tinubu administration and expressing support for the ADC’s presidential bid.
The campaign, tagged “Northern Hurricane,” had generated controversy before Atiku’s arrival following allegations by the ADC that security agencies and officials of the All Progressives Congress (APC)-controlled Sokoto State Government were plotting to disrupt the event.
Atiku had, during an emergency press conference in Abuja on Tuesday, accused the Department of State Services (DSS) and other security agencies of attempting to create disorder in Sokoto to prevent the opposition party from holding its inaugural presidential campaign rally.
He alleged that arrangements were being made to mobilise protesters, create confusion and provide justification for the imposition of a curfew that could frustrate the event.
“More disturbing still, the information available to us is that the leadership of the Department of State Services is recruiting people to stage protests in Sokoto.
“The objective is to create disorder, give the APC-controlled state government a pretext to impose a curfew and prevent our campaign take-off from holding as scheduled,” Atiku alleged.
The former Vice President also accused security operatives of harassing ADC supporters and raised concerns about the safety of opposition candidates and party members ahead of the general election.
He called on the Federal Government to investigate the allegations and guarantee the right of opposition parties to campaign freely without intimidation or interference.
The DSS, however, denied the allegations and disclosed that its Director-General had ordered an investigation into the matter.
The security agency also maintained that its operatives had rescued the ADC governorship candidate in Sokoto, Manir Dan’Iya, following an attack on October 31, during which two of its personnel sustained injuries.
Despite the controversy, ADC supporters turned out in large numbers for the campaign activities, although some alleged that security operatives had attempted to restrict access to parts of the state capital.
One of the supporters, Abubakar Yusuf, alleged that personnel of the Sokoto Marshal and Sokoto State Community Guard Corps had been mobilised to block roads leading into the city.
“They mobilised the Sokoto Marshal and Community Guard Corps to block roads leading to the town, but we overwhelmed them,” he claimed.
The ADC presidential campaign coordinator in Sokoto, Senator Ibrahim Lamido, had earlier announced that the campaign would take place at the party’s state secretariat, urging party executives across the 23 local government areas, ward coordinators, women and youth organisations, and support groups to mobilise their members.
Meanwhile, Atiku has challenged the Federal Government to justify its continued reliance on external borrowing despite the removal of petroleum subsidy and other economic reforms which, according to him, were expected to improve public finances.
In a statement issued by the Director of Strategic Communication of the ADC Presidential Campaign Council, Phrank Shaibu, Atiku accused the Tinubu administration of accumulating foreign debt without demonstrating corresponding improvements in infrastructure, social welfare and the living conditions of Nigerians.
His reaction followed Tinubu’s letter to the Senate seeking approval to raise N10.79 trillion, approximately $7.7 billion, through Eurobonds, multilateral and bilateral loans, and other external financing arrangements to partly finance the 2026 budget deficit.
Senate President Godswill Akpabio, who read the letter during plenary, explained that the proposal superseded an earlier external borrowing request of about $20.3 billion.
Atiku, however, questioned the administration’s borrowing priorities and demanded greater transparency.
“What is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out? Barely days after an external borrowing proposal of $20.52 billion and €1.045 billion was presented to the National Assembly, another request for $7.7 billion is now before the Senate. Nigerians cannot be expected to treat this relentless borrowing as routine paperwork.
“Every new foreign loan is a bill Nigerians will eventually have to pay. This government cannot keep presenting borrowing as a substitute for sound economic management while families and businesses carry the cost of its failures,” he said.
The former Vice President insisted that the National Assembly must demand full disclosure of the projects to be financed, their costs, interest rates and repayment scheles before considering the request, warning against committing future administrations to additional debt without adequate scrutiny.
“The latest request raises urgent questions. Which specific projects will receive the money? How much will each project cost? What are the repayment schedule, interest rate and other conditions? The President’s own letter says the final terms will depend on market conditions when the borrowing is priced. Nigerians should not be asked to accept a loan before they know what it will cost the country.
“The Senate must scrutinise this proposal line by line. It must demand a full project list, clear funding allocations, the proposed loan terms and a credible repayment plan before considering approval. No government should receive a blank cheque to contract foreign debt in the name of budget implementation,” Atiku stated.
He also called on international financial institutions and other lenders to suspend fresh lending to the administration until it demonstrated greater transparency and accountability in managing public debt.
“With President Tinubu’s tenure approaching its end, he must not bind Nigerians and future administrations to fresh debt without full disclosure and rigorous scrutiny. We call on international agencies and lenders to stop extending new loans to this administration until it provides transparent terms, a credible repayment plan and clear evidence of how previous borrowings have benefited Nigerians,” he said.
Atiku linked his criticism of the borrowing proposal to the economic hardship confronting Nigerians, arguing that the removal of petroleum subsidy had not produced the promised relief.
“Tinubu removed subsidy on petroleum products but has emerged as the highest borrowing government in Nigeria’s record history. Conversely, this is one government that has unleashed the worst cost of living crisis on Nigerians where people struggle to afford a decent living and businesses are being forced to shut down.
“It is also the government with the record infrastructure investment deficit in Nigeria. So the question is: what is Tinubu using his loans to finance specifically?
“Nigerians are hungry and angry. Public infrastructure are limited; social welfare intervention is none existent. Yet Nigeria is owing massively under Tinubu,” he stated.
The ADC candidate said his proposed economic programme would prioritise domestic production, social welfare and reduced dependence on borrowing, including the introduction of production-based subsidies on petroleum products to support economic activities and improve citizens’ purchasing power.
He maintained that Nigeria required a sustainable economic framework that would stimulate production, create employment opportunities and generate sufficient revenue for development rather than continually increasing public debt.
“Nigeria cannot borrow its way out of every budget shortfall. The National Assembly must remember that it is accountable to Nigerians, not merely to the executive. Before approving another trillion-naira burden, it must make the government answer the questions Nigerians are asking,” Atiku declared.
