Former Vice President Atiku Abubakar has demanded explanations from President Bola Tinubu’s administration over the reported plan to seek a $20 billion loan allegedly linked to payments for the Lagos–Calabar Coastal Highway, warning against further borrowing without public scrutiny.
Mr Atiku also alleged that some members of the National Assembly were being pressured to approve the proposed loan, claiming that funds for their election campaigns had been threatened with withholding if they failed to support the request.
The former vice president made the allegations in a statement issued on Monday by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council.
He called on the Federal Government to publish details of the highway’s original route, revised design, contract variations, payments already made and the proposed borrowing arrangements before seeking further funding for the project.
The controversy follows reports that parts of the Lagos–Calabar Coastal Highway may be rerouted to follow an existing inland road, a development Mr Atiku said raised questions about the original project design, contract costs and the justification for any additional payments.
He argued that changes to the route should be accompanied by a full disclosure of the financial implications, including the value of work removed from the original contract and the cost of the revised design.
“Tinubu sold Nigerians a coastal highway. Now his Minister says parts of it will follow an existing road inland. That is not a minor adjustment to a drawing. It strikes at the promise used to sell this enormous project,” he said.
“When the route changes, the price must be opened. When the work changes, the payments must be explained.”
Mr Atiku questioned whether adequate feasibility studies had been conducted before the contract was awarded, particularly regarding the terrain, bridges and flood risks along the proposed route.
He challenged the Minister of Works, David Umahi, to make the relevant engineering documents available to the public.
“Publish the original studies. Publish the revised design. Let Nigerians see what this government knew and when it knew it,” he said.
The former vice president accused the Tinubu administration of making major policy announcements without providing sufficient information about their financial implications.
He cited the removal of petrol subsidy as an example, arguing that Nigerians were still bearing the consequences of the policy through increased living costs.
Mr Atiku said the reported prospect of additional borrowing for the coastal highway could impose further financial burdens on citizens if the government failed to account for the changes to the project.
“If work on the original route will no longer be done, what has been removed from the contract? How much has already been paid? What is the revised price?” he asked.
“You cannot change the work and refuse to change the bill.”