{"id":9223,"date":"2026-11-04T18:16:28","date_gmt":"2026-11-04T18:16:28","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/04\/atiku-tackles-tinubu-over-fresh-7-7bn-loan\/"},"modified":"2026-11-04T18:16:28","modified_gmt":"2026-11-04T18:16:28","slug":"atiku-tackles-tinubu-over-fresh-7-7bn-loan","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/04\/atiku-tackles-tinubu-over-fresh-7-7bn-loan\/","title":{"rendered":"Atiku tackles Tinubu over fresh $7.7bn loan"},"content":{"rendered":"<div><img loading=\"lazy\" width=\"240\" height=\"147\" src=\"https:\/\/globalnigerianews.com\/wp-content\/uploads\/2026\/11\/Atiku-tackles-Tinubu-over-fresh-7.7bn-loan.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Atiku tackles Tinubu over fresh $7.7bn loan\" decoding=\"async\"><\/p>\n<p class=\"wp-block-paragraph\">\u2026warns against burdening future govts<\/p>\n<p class=\"wp-block-paragraph\">By Luminous Jannamike<\/p>\n<p class=\"wp-block-paragraph\">ABUJA \u2013 Former Vice President Atiku Abubakar has challenged President Bola Tinubu over his request for another $7.7 billion foreign loan, warning against committing Nigerians and future administrations to mounting debt without full disclosure of how the money will be spent.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">Atiku said the latest request, equivalent to about N10.79 trillion, was coming barely days after the Federal Government presented separate borrowing proposals of $20.52 billion and \u20ac1.045 billion to the National Assembly, raising questions about the administration\u2019s appetite for foreign loans amid worsening economic hardship.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">In a statement by Phrank Shaibu, Director of Strategic Communication, ADC Presidential Campaign Council, on Wednesday, Atiku questioned the frequency of the borrowing requests and demanded that the Senate subject the latest proposal to rigorous scrutiny.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">\u201cWhat is the problem with this government? Why is President Tinubu making borrowing requests on behalf of Nigeria week in, week out?\u201d he queried.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">He argued that Nigerians were being saddled with fresh debt obligations without sufficient explanation of the benefits of previous borrowings, while households and businesses continued to grapple with rising costs.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">\u201cEvery 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,\u201d he said.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">Atiku specifically demanded disclosure of the projects to be funded, their individual costs, interest rates, repayment schedules and other conditions, noting that the President\u2019s letter indicated that final loan terms would depend on market conditions when the borrowing was priced.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">\u201cNo government should receive a blank cheque to contract foreign debt in the name of budget implementation,\u201d he warned.<\/p>\n<p class=\"wp-block-paragraph\">He also cautioned that Tinubu\u2019s administration must not saddle Nigerians and succeeding governments with fresh financial obligations without demonstrating how previous loans had benefited the country.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">Atiku called on international agencies and lenders to suspend fresh lending to the administration until it provides transparent borrowing terms, a credible repayment plan and clear evidence of the impact of previous loans.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">Turning to the administration\u2019s economic record, the former Vice President questioned why the removal of petroleum subsidy had not translated into improved living conditions, despite the scale of government borrowing.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">\u201cTinubu removed subsidy on petroleum products but has emerged as the highest borrowing government in Nigeria\u2019s record history,\u201d he said.<\/p>\n<p class=\"wp-block-paragraph\">He further accused the administration of presiding over worsening living conditions, inadequate infrastructure and the absence of effective social welfare interventions.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">\u201cNigerians are hungry and angry. Public infrastructure are limited; social welfare intervention is non-existent. Yet Nigeria is owing massively under Tinubu,\u201d he said.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">Questioning the purpose of the fresh borrowing, Atiku asked: \u201cWhat is Tinubu using his loans to finance specifically?\u201d<\/p>\n<p class=\"wp-block-paragraph\">He said his alternative economic approach would include a production-based subsidy on petroleum products, which he described as a way of restoring social welfare and supporting productive economic activities.<\/p>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">Atiku urged the Senate to remember its accountability to Nigerians, insisting that lawmakers must obtain satisfactory answers on the proposed borrowing before approving another multitrillion-naira debt obligation.<\/p>\n<p>The post <a href=\"https:\/\/www.vanguardngr.com\/2026\/11\/atiku-tackles-tinubu-over-fresh-7-7bn-loan\/\">Atiku tackles Tinubu over fresh $7.7bn loan<\/a> appeared first on <a href=\"https:\/\/www.vanguardngr.com\/\">Vanguard News<\/a>.<\/p>\n<\/div>\n<p>Source: <\/p>\n<div class=\"nSourse\">Vanguard News<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u2026warns against burdening future govts By Luminous Jannamike ABUJA \u2013 Former Vice President Atiku Abubakar has challenged President Bola Tinubu over his request for another $7.7 billion foreign loan, warning&hellip; <\/p>\n","protected":false},"author":1,"featured_media":9224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-9223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/9223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=9223"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/9223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media\/9224"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=9223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=9223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=9223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}