By Opeyemi Adelakun
Former Vice-President Atiku Abubakar has demanded greater transparency from the administration of President Bola Tinubu over the utilisation of the $5 billion financing facility secured from First Abu Dhabi Bank (FAB).
Atiku’s position followed comments by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, that the Federal Government would not publish specific details of how funds drawn from the facility would be spent.
Oyedele had explained during a media briefing in Abuja that the facility did not require special disclosure beyond the normal procedures applicable to government financing. He also said the transaction had passed the necessary approval processes, including consideration by the National Assembly.
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 since accessed about $1.5 billion as the first tranche of the FAB arrangement.
Reacting through his media office on Sunday, Atiku accused the Tinubu administration of failing to provide sufficient information about its borrowing activities and questioned the economic benefits Nigerians were receiving from the growing debt burden.
According to Atiku, the government has contracted significant new debt since Tinubu assumed office on May 29, 2023.
He cited figures attributed to the Debt Management Office, claiming that the administration had added about N72 trillion to the country’s debt stock, taking total indebtedness to N159.35 trillion by early 2026.
Atiku argued that the scale of borrowing makes public accountability even more important, particularly because the debts would ultimately be repaid with public resources.
“The government is obliged to explain every loan taken on behalf of Nigerians,” Atiku said.
He added that every naira borrowed by the government had consequences for both current and future generations.
“Every Kobo borrowed matters because citizens — both living and unborn — will bear the burden of repayment,” he said.
The former vice-president also questioned the government’s economic performance despite the fresh borrowing, arguing that Nigerians continued to face worsening economic hardship.
He claimed that poverty had increased from about 56 per cent in 2023 to between 61 per cent and 63 per cent under the current administration, with more than 140 million Nigerians allegedly living in multidimensional poverty.
Atiku further raised concerns about the structure of the Abu Dhabi financing arrangement, particularly the reported requirement for the Federal Government to provide securities worth about 133 per cent of the loan value as collateral.
He argued that such arrangements made it necessary for the government to provide Nigerians with sufficient information on the terms, purpose and deployment of the facility.
The former vice-president also referenced concerns reportedly raised by the International Monetary Fund and Fitch Ratings over aspects of Nigeria’s financing structure, including transparency and debt sustainability.
Atiku urged Nigerians to demand accountability over public borrowing, warning that securing loans without clearly demonstrating their impact on citizens could further erode public confidence in government.
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