Former Vice-President Atiku Abubakar has challenged the Federal Government over its decision not to disclose details of the $5 billion financing arrangement with First Abu Dhabi Bank (FAB), arguing that Nigerians deserve greater transparency on how the funds will be used.
The criticism followed comments by Finance Minister Taiwo Oyedele that the government would not publish details of how funds accessed under the facility would be deployed.
Oyedele said the transaction should not be treated differently from other government financing arrangements and had already passed through the required approval processes, including consideration by the National Assembly.
The $5 billion facility is part of a broader $6 billion external borrowing package approved by the National Assembly in March.
Nigeria has already drawn about $1.5 billion from the FAB facility, according to the government.
Atiku, in a statement issued through his media office on Sunday, said the government has an obligation to account for every loan contracted on behalf of Nigerians, particularly as taxpayers will ultimately bear the repayment burden.
“The government is obliged to explain every loan taken on behalf of Nigerians.”
He added that every amount borrowed would have implications for both present and future generations.
“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 also linked the controversy to the broader increase in Nigeria’s public debt under President Bola Tinubu.
Citing figures attributed to the Debt Management Office, Atiku said the administration had added N72 trillion to the country’s debt stock, bringing total indebtedness to N159.35 trillion as of early 2026.
He argued that the rising debt had not produced a corresponding improvement in the living conditions of Nigerians.
Atiku further claimed that poverty had increased under the current administration, with more than 140 million Nigerians living in multidimensional poverty.
He said the Federal Government is required to pledge securities worth about 133 percent of the loan amount as collateral.
The former vice-president argued that the requirement makes transparency around the terms, risks and deployment of the financing particularly important.
The facility is structured as a financing arrangement with First Abu Dhabi Bank, with the government expected to repay the borrowed funds under agreed terms.
The Federal Government has defended the transaction, maintaining that it underwent the necessary approval procedures and forms part of its broader strategy to raise funding for government programmes and economic activities.
Atiku also cited concerns reportedly raised by the International Monetary Fund and Fitch Ratings over aspects of Nigeria’s financing arrangements, particularly issues relating to transparency and sovereign debt sustainability.
