$21.7bn loan: Atiku’s aide challenges Tinubu to disclose repayment schedule

Paul Ibe, media aide to the presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, has challenged President Bola Tinubu’s proposed $21.7 billion external borrowing plan, demanding full details of the projects and how the loans would be repaid.

In a post shared on X, Ibe faulted Finance Minister Taiwo Oyedele’s defence of the plan as investment rather than borrowing, arguing that the funds would still have to be repaid with interest.

He demanded a breakdown of the 46 proposed projects across 11 sectors, including their costs, locations, implementing agencies, procurement records and completion schedules.

Ibe also questioned the financing terms, noting that the proposed $5 billion World Bank component reportedly carries an average interest rate of about 2.1 per cent, while the commercial component has an indicative average rate of 7.8 per cent.

He asked the government to publish the full repayment schedule and explain how Nigeria would service the loans if oil earnings declined, the naira weakened or projects were delayed.

Atiku aide further demanded feasibility studies and independently assessed costs for major projects, including the Lagos-Calabar and Sokoto-Badagry highways and the Kano-Kaduna rail project.

He urged the government to clarify whether any of the proposed projects already had budget allocations or approved financing, and to identify which states and agencies would receive the funds and carry the repayment obligations.

Ibe called on the National Assembly to demand the relevant documents and subject the plan to public scrutiny before approval.

Ibe said, “Nigerians understand the need for infrastructure. They also understand that an inflated contract, an abandoned project or an unrealistic revenue forecast can leave them paying for promises that never materialise.

“Calling debt an investment does not answer who will pay, how much, or for how long.”