President Bola Tinubu formally requested a $7.7 billion loan from international lenders, according to a letter dated October 26, 2026, read during a Senate plenary session. The request was addressed to the Senate President, highlighting the administration’s need for financial support.
Former Vice President Atiku Abubakar criticized the move, urging international agencies to halt lending to Tinubu’s government. Atiku argued that the administration must disclose full details of past loans, repayment strategies, and the benefits derived from previous financial agreements. He also warned the Senate against approving the new loan without transparency.
Tinubu’s administration faces mounting pressure as critics argue the loan could worsen Nigeria’s debt crisis. Atiku’s warnings come amid ongoing debates over fiscal responsibility and economic management. The Senate is expected to deliberate on the loan request, with political factions divided on the issue.
The controversy reflects broader tensions over Nigeria’s economic policies and the role of international lenders. Tinubu’s request underscores the challenges of balancing immediate financial needs with long-term economic stability. As the Senate prepares to vote, the outcome could shape Nigeria’s financial trajectory in the coming months.
