The African Democratic Congress (ADC) National Legislators’ Forum has strongly criticised President Bola Ahmed Tinubu over a fresh request to the Senate seeking approval for an external loan of $516,333,070 for the proposed Sokoto–Badagry Super Highway project.
In a press statement issued on Friday, the opposition lawmakers described the move as “alarming” and reflective of what they termed a pattern of “reckless borrowing” by the current administration, raising concerns about the country’s fiscal sustainability and long-term economic stability.
The forum, led by its Chairman, Hon. Uko Ndukwe Nkole, said while infrastructure development remains critical, the government has failed to provide convincing evidence that its borrowing strategy is backed by a clear, transparent, and viable repayment plan.
According to the statement, Nigeria’s growing debt profile has already placed significant strain on national revenue, with a large portion reportedly going into debt servicing. The lawmakers warned that continued borrowing without strong fiscal discipline could push the country toward what they described as a “looming debt catastrophe.”
They also questioned the timing of the loan request, noting that it comes as the country approaches another general election cycle. The forum suggested that such financial commitments could raise concerns about potential political motivations rather than genuine development priorities..
“The Senate must not act as a rubber stamp,” the statement read, urging the National Assembly to thoroughly scrutinise the loan request. The lawmakers called for full disclosure of the project’s financial details, including procurement processes, cost-benefit analysis, and a clear repayment framework.
The ADC legislators further advised the federal government to prioritise economic policies aimed at boosting productivity, industrial growth, job creation, and improved revenue generation, instead of relying heavily on external borrowing.
They warned that decisions taken today could have lasting consequences on future generations, stressing that Nigerians would demand accountability for policies that worsen economic hardship.
The statement concluded that Nigeria stands at a critical point, urging the administration to adopt a path of fiscal responsibility and sustainable economic management.
The press release was jointly signed by Hon. Uko Ndukwe Nkole and other members of the ADC National Legislators’ Forum, including Hon. Nnenna Ukeje, Hon. Sergius Ogun, Hon. Ajagbe H., Hon. Zakari Mohammed, Hon. Koko Shehu, and Hon. Maigari Bello.
