HARRISON EDEH

FORMER Vice-President Atiku Abubakar has told President Bola Tinubu to be transparent in the deployment of the $5 billion Abu Dhabi loan, noting that Nigerians deserve to know the details about the facility amid rising government loan concerns.

On Wednesday, Taiwo Oyedele, Nigeria’s finance minister, when prodded by the media in a recent press conference about the controversies of the facility, said the federal government would not publish details of how funds drawn from its $5 billion financing facility with First Abu Dhabi Bank (FAB) would be spent.

When asked to provide details of the transaction and the deployment of the funds to the public, the minister said there was no need to treat the facility differently from other sources of government financing.

Oyedele said the transaction had already gone through the required approval process, including consideration by the national assembly.

The $5 billion facility is part of a wider $6 billion external borrowing package approved by the National Assembly in March.

The government subsequently accessed about $1.5 billion as the first tranche of the FAB facility.

Advocate Times had earlier reported on how Tinubu’s increasing borrowing had swallowed the little gains made from subsidy removal, prompting concerns about questions of transparency from stakeholders.

In a statement on Sunday, August 23, from his media office, Atiku accused the administration of incompetence and financial impropriety, citing a lack of transparency in recent loan agreements.

He specifically criticised the government’s handling of the $5 billion facility from First Abu Dhabi Bank, insisting that taxpayers deserve full disclosure of how such funds will be utilised.

“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.”

Despite the borrowings, Atiku argued that Nigerians have remained poorer and less secure.

According to him, poverty levels have risen from 56 percent in 2023 to between 61 percent and 63 percent under the Tinubu administration, leaving over 140 million citizens trapped in multidimensional poverty.

Atiku criticised Oyedele for dismissing public calls to explain the Abu Dhabi loan.

“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.”

He further noted that the federal government is required to pledge securities worth about 133 percent of the loan amount as collateral, making transparency even more critical.

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Atiku reminded Nigerians that both the International Monetary Fund (IMF) and Fitch Ratings have raised concerns about the financing structure, citing risks to transparency and sovereign debt sustainability.

The former vice president urged Nigerians to hold the government accountable, stressing that borrowing without clear results undermines trust and jeopardises the nation’s economic future.