Atiku Demands Transparency Over Nigeria’s $5bn First Abu Dhabi Bank Facility.

Atiku Demands Transparency Over Nigeria’s $5bn First Abu Dhabi Bank Facility.

Former Vice-President Atiku Abubakar has called on the administration of President Bola Ahmed Tinubu to provide full transparency on Nigeria’s $5 billion financing facility with First Abu Dhabi Bank, insisting that Nigerians have the right to know how the borrowed funds are being utilised.

Atiku’s demand followed comments by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that the Federal Government would not provide a transaction-specific breakdown of how funds from the facility would be spent. The government has maintained that the arrangement obtained the necessary approvals, including that of the National Assembly, and is primarily intended to refinance more expensive existing debt.

Nigeria has so far drawn about $1.5 billion from the $5 billion facility. The borrowing arrangement has nevertheless attracted scrutiny over transparency and debt-management concerns, including questions raised by international financial institutions.

Atiku argued that Nigerian taxpayers, as well as future generations, would ultimately be responsible for repaying the debt. He therefore called for the disclosure of the facility’s terms, drawdowns and utilisation, stressing that every loan contracted in the name of the country must be subjected to public accountability.

The former Vice-President also criticised the Federal Government’s broader borrowing programme, arguing that increasing public debt should result in measurable improvements in the living standards and economic wellbeing of Nigerians.

He maintained that transparency in public borrowing is essential to ensuring that borrowed funds are properly managed and deployed in ways that deliver tangible benefits to the Nigerian people.