Atiku tackles Oyedele, says Nigerians deserve to know details of $5bn Abu Dhabi loan

Former Vice President of Nigeria and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on Nigerians to demand accountability from the President Bola Tinubu’s administration over the country’s rising debt profile.

Atiku warned that continued borrowing without adequate transparency and demonstrable economic benefits could saddle future generations with an unsustainable debt burden.

Atiku, in a statement issued by the Atiku Media Office in Abuja on Sunday, accused the administration of incompetence and financial impropriety, particularly over what he described as a lack of transparency surrounding recent loan agreements.

Atiku specifically criticised the Federal Government’s handling of a $5 billion facility obtained from First Abu Dhabi Bank, insisting that Nigerians, as taxpayers and ultimate beneficiaries or debtors of government borrowing, deserve full disclosure on how the funds would be utilised.

According to him, the government has a responsibility to explain every loan contracted on behalf of the Nigerian people, especially at a time when the country’s debt stock continues to increase.

Since Tinubu assumed office on May 29, 2023, the administration has contracted significant new debt. Atiku, citing figures from the Debt Management Office (DMO), said the Tinubu administration had added N72 trillion to the country’s fresh debt stock, bringing total indebtedness to N159.35 trillion as of early 2026.

He questioned the justification for the rising borrowing, arguing that despite the additional debts, Nigerians have not witnessed corresponding improvements in their living conditions, economic security or general wellbeing.

Atiku said poverty has increased from 56 per cent in 2023 to between 61 per cent and 63 per cent under the Tinubu administration, leaving more than 140 million Nigerians trapped in multidimensional poverty.

The ADC presidential candidate also criticised the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, over his response to calls for details about the Abu Dhabi loan.

Oyedele had stated that the facility was approved by the National Assembly and was intended to refinance more expensive debt. However, Atiku faulted the government for failing to provide Nigerians with sufficient details on how the funds would be spent.

“The government is obliged to explain every loan taken on behalf of Nigerians,” Atiku said.

“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 argued that the obligation to provide details about public borrowing is particularly important given the financial implications of the Abu Dhabi facility.

He further noted that the Federal Government is required to pledge securities worth about 133 per cent of the loan amount as collateral, arguing that the scale of the commitment made transparency and accountability even more critical.

The former vice president also referenced concerns reportedly raised by the International Monetary Fund (IMF) and Fitch Ratings over the financing structure, particularly issues relating to transparency and the sustainability of Nigeria’s sovereign debt.

He maintained that Nigerians should not be expected to accept additional financial obligations without knowing the purpose of the borrowing, the terms attached to the facility, the collateral being pledged and the expected economic benefits.

Atiku said the growing debt burden has become a matter of public concern because the loans would ultimately have to be repaid by Nigerian citizens.

He urged Nigerians to hold the government accountable for its borrowing decisions and demand evidence that borrowed funds were being deployed in ways capable of improving the economy and the living conditions of citizens.

According to him, borrowing without clear and measurable results undermines public trust and places the nation’s economic future at risk.

He therefore called for greater transparency in the management of the country’s finances, particularly with respect to loans contracted by the Federal Government.

In March, SaharaReporters reported that Nigeria’s Senate swiftly approved a request by President Tinubu to obtain external loans totalling $6 billion, barely three and a half hours after the request was formally presented on the floor of the upper legislative chamber.

The approval followed the reading of the president’s request by Senate President Godswill Akpabio during plenary and the immediate consideration of a report by the Senate Committee on Local and Foreign Debts.

The committee, chaired by Senator Aliyu Wamakko (APC, Sokoto North), recommended the approval of the borrowing plan after reviewing the details contained in the president’s communication.

Earlier during plenary, Akpabio read two separate letters from President Tinubu requesting the approval of the National Assembly to secure the external financing facilities.

In the first letter, the president sought approval to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates.

According to the president, the facility would be provided to Nigeria in tranches and would serve as a financing mechanism to support government obligations.(SaharaReporters)