By Sabiu Abdullahi
Former Vice-President Atiku Abubakar has called on President Bola Tinubu’s administration to disclose details of the utilisation of the $5 billion financing facility secured from First Abu Dhabi Bank (FAB).
Atiku said Nigerians, including future generations, would ultimately bear the responsibility of repaying the loan and therefore deserve to know how the funds are being deployed.
The former vice-president made the demand in a statement issued on Sunday through his media office, days after Finance Minister Taiwo Oyedele said the Federal Government would not release details of how funds obtained from the facility would be spent.
Oyedele had made the statement during a media briefing in Abuja on Wednesday while responding to questions about the government’s borrowing plans and the FAB financing arrangement.
The minister said the facility had passed the necessary approval procedures, including consideration by the National Assembly. He also argued that there was no reason to treat the financing differently from other sources of government funding.
The $5 billion facility forms part of a broader $6 billion external borrowing package approved by the National Assembly in March. The Federal Government has so far drawn about $1.5 billion from the FAB facility as its first tranche.
Atiku, however, criticised the government’s position, accusing the administration of poor financial management and a lack of transparency in its recent borrowing arrangements.
“Since assuming office on May 29, 2023, President Bola Tinubu’s administration has contracted significant new debt,” the statement reads.
“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.”
Atiku said the increased borrowing had not translated into better living conditions or improved security for Nigerians.
He claimed that poverty had increased from 56 percent in 2023 to between 61 percent and 63 percent under the current administration, with more than 140 million Nigerians facing multidimensional poverty.
He also faulted Oyedele for rejecting demands for greater disclosure about the Abu Dhabi facility.
“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.”
The former vice-president further raised concerns about the collateral requirements attached to the facility, saying the Federal Government was expected to pledge securities worth about 133 percent of the loan value.
He argued that such an arrangement made transparency over the loan more important.
Atiku also cited concerns previously raised by the International Monetary Fund and Fitch Ratings about the structure of the financing, particularly issues related to transparency and the sustainability of Nigeria’s sovereign debt.
He urged Nigerians to demand accountability from the government, warning that borrowing without clear evidence of economic benefits could weaken public confidence and create additional challenges for the country’s financial future.
