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From Ndubuisi Orji, Abuja
African Democratic Congress (ADC) 2027 presidential candidate, Atiku Abubakar, has demanded full transparency from the administration of President Bola Tinubu over the proposed $5 billion financing facility from First Abu Dhabi Bank, warning that unchecked borrowing could deepen Nigeria’s debt burden and leave future generations with unsustainable repayment obligations.
Atiku, in a statement by his media office yesterday, urged Nigerians to demand accountability from the Federal Government over its rising debt profile, insisting that taxpayers deserve full disclosure on the terms, purpose and utilisation of loans contracted in their name.
According to him, the Tinubu administration has accumulated significant new borrowing since assuming office on May 29, 2023.
“Since assuming office on May 29, 2023, President Bola Tinubu’s administration has contracted significant new debt. According to the Debt Management Office, the Tinubu administration has added N72 trillion of fresh debt stock, bringing the total indebtedness to N159.35 trillion as at early 2026,” he said.
Atiku argued that the growing debt burden had not translated into improved living conditions for Nigerians, claiming that poverty and insecurity had worsened under the administration. “Despite these borrowings, Nigerians remain poorer and less secure. Poverty levels have risen from 56 per cent in 2023 to between 61 per cent and 63 per cent under the Tinubu administration, leaving over 140 million citizens trapped in multidimensional poverty.”
The former vice president also criticised the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, for allegedly dismissing calls for greater disclosure regarding the Abu Dhabi facility.
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He maintained that the Federal Government had an obligation to explain every loan contracted on behalf of the country, particularly where repayment obligations would ultimately fall on taxpayers.
“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. Yet these loans have failed to improve their material wellbeing,” Atiku said.
He further raised concerns over the reported collateral requirements attached to the facility, saying the Federal Government would be required to pledge securities worth about 133 per cent of the loan amount.
He argued that the reported collateral arrangement made transparency over the transaction even more important.
Atiku also said the International Monetary Fund and Fitch Ratings had raised concerns about the financing structure, particularly in relation to transparency and Nigeria’s sovereign debt sustainability.
He therefore called on the Tinubu administration to provide Nigerians with comprehensive information on the facility, including its terms, collateral arrangements, intended use and repayment obligations.
The ADC candidate said public borrowing should be tied to clearly defined productive investments capable of generating economic growth and improving citizens’ welfare, rather than adding to the country’s financial obligations without commensurate benefits.
