Former Vice President Atiku Abubakar has criticised President Bola Ahmed Tinubu over his request for Senate approval of a fresh $516 million external loan, warning against what he described as reckless borrowing without transparency and accountability.
President Tinubu had written to the Senate, seeking approval to secure a $516,333,07 syndicated loan through Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.
The loan is intended to finance the Sokoto–Badagry Super Highway, a major infrastructure project designed to connect Nigeria’s North-West and South-West regions. According to the President, the Federal Government will also provide counterpart funding of ₦265,542,689,569 to cover land acquisition, compensation, and related infrastructure.
Tinubu explained that the approximately 1,000-kilometre high-capacity carriageway will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, stretching from Illela to Badagry, and urged the Senate to grant expeditious approval.
Senate President Godswill Akpabio backed the proposal, describing the project as a potential economic game changer capable of boosting productivity and saving lives. He maintained that borrowing for critical infrastructure is justifiable where it delivers long-term economic value and supports repayment.
Following its presentation at plenary, the request was referred to the Senate Committee on Local and Foreign Debts, with a mandate to report back within one week.
Reacting in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku acknowledged the importance of infrastructure development but warned against what he termed unsustainable debt accumulation.
“At a time when Nigeria is already groaning under the weight of unsustainable debt, the resort to yet another foreign loan, without transparent terms, clear cost-benefit analysis, and a credible repayment framework, raises profound questions about prudence and accountability,” he said.
He stressed that Nigerians expect not just ambitious projects but responsible financing, cautioning that development should not become a pathway to deepening debt burdens for future generations.
Atiku also referenced concerns surrounding the award process of the Lagos-Calabar Coastal Highway, citing issues of transparency, due process, and value for money, and warned against repeating such precedents.
“Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws,” he said.
“Nigeria must build, but Nigeria must not borrow blindly. Progress anchored on opacity and debt accumulation is neither progress nor leadership it is postponement of crisis,” he added.
Elijah Adeyemi
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