Former Vice President, Atiku Abubakar, has criticised President Bola Tinubu over his request for Senate approval of a fresh $516 million external loan, cautioning against what he described as reckless borrowing.
PrimeTimes Nigeria reports that Tinubu had written to the Senate, seeking approval to secure a $516.3 million syndicated loan from Deutsche Bank AG.
The loan, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, is intended to fund the Sokoto-Badagry Superhighway project.
The President said the Federal Government would also provide counterpart funding of over ₦265.5 billion for land acquisition, compensation, and related infrastructure.
According to Tinubu, the 1,000-kilometre highway will connect Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, creating a major economic corridor from Illela to Badagry.
He urged the Senate to approve the request expeditiously. The Senate President, Godswill Akpabio, supported the proposal, describing the project as an economic game changer.
He said borrowing for critical infrastructure is justified where it delivers long-term benefits and supports economic productivity.
‘Nigeria Must Not Borrow Blindly’ — Atiku
Reacting through a statement by his aide, Phrank Shaibu, Atiku warned against accumulating debt without transparency and accountability.
He said, “At a time when Nigeria is already groaning under the weight of unsustainable debt, the resort to yet another foreign loan… raises profound questions about prudence and accountability.
“What Nigerians expect is not just ambitious projects, but responsible financing.”
The former vice president also questioned the transparency of major infrastructure projects, referencing past controversies.
He said, “Nigerians have not forgotten the serious questions surrounding the opaque award process of the Lagos-Calabar Coastal Highway… We must not replicate such a troubling precedent.”
Atiku stressed that all borrowing must be tied to strict accountability and adherence to procurement laws.
“Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability,” he said.
He warned further, “Nigeria must build, but Nigeria must not borrow blindly. Progress anchored on opacity and debt accumulation… is postponement of crisis.”
Following the President’s request, the Senate referred the proposal to its Committee on Local and Foreign Debts for review, with a directive to report back within one week.