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Lawmakers of the African Democratic Congress, ADC, have criticised President Bola Ahmed Tinubu over his move to secure Senate approval for an additional $516.3 million external loan for the Sokoto–Badagry Super Highway project.
The President had requested approval for the syndicated loan to finance key sections of the project, a flagship infrastructure initiative under his administration’s Renewed Hope Agenda.
The request was conveyed in a letter read during plenary by Senate President Godswill Akpabio, seeking legislative authorisation in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011.
However, the ADC Legislators’ Forum described the move as alarming, accusing the administration of pursuing what it termed a pattern of excessive borrowing without adequate consideration for sustainability and accountability.
In a statement jointly signed by its chairman, Hon. Uko Ndukwe Nkole, and other leaders from across the geopolitical zones, the forum said that while it supports infrastructure development, concerns remain over the cost and conditions attached to such loans.
The lawmakers argued that the government has yet to present a clear and transparent repayment strategy, warning that continued borrowing could worsen Nigeria’s debt burden.
According to the forum, rising debt servicing obligations are already consuming a significant portion of national revenue, raising fears of long-term economic strain.
They also questioned the timing of the loan request, noting that it comes as the country approaches another general election cycle.
The forum urged the National Assembly to thoroughly scrutinise the proposal, insisting that lawmakers must not act as a rubber stamp but should demand full disclosure of the project’s financial details, procurement processes, and cost-benefit analysis.
It further called on the Federal Government to prioritise policies that promote economic growth, job creation, and improved revenue generation, rather than increasing reliance on borrowing.
The ADC lawmakers warned that decisions taken now could have lasting consequences for the country’s economic future, stressing the need for fiscal discipline and accountability in governance.
ADC lawmakers fault Tinubu’s $516.3m loan request, demand scrutiny
