Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s request for Senate approval of a $516 million external loan intended to fund sections of the Sokoto–Badagry Superhighway project.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku expressed concern over Nigeria’s growing debt burden and the continued reliance on foreign borrowing for major infrastructure development.
While acknowledging the importance of the proposed highway linking the North-West and South-West regions, he warned against what he described as unchecked borrowing 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—without transparent terms, clear cost-benefit analysis, and a credible repayment framework—raises profound questions about prudence and accountability.”
He added that infrastructure development is essential for national growth, noting that no region should be excluded from progress.
“This is not a regional issue, nor should it be framed as one. The people of Northern Nigeria, like their counterparts across the country, deserve development that is sustainable, transparent, and not mortgaged against their future.”
Atiku, who is also a chieftain of the African Democratic Congress, stressed that while large-scale projects can drive economic growth, they must be backed by fiscal discipline and transparency.
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“What Nigerians expect is not just ambitious projects, but responsible financing. Development must not become a euphemism for deepening debt traps that generations yet unborn will be forced to repay,” he said.
He also called for openness in project execution, referencing previous controversies over major infrastructure projects.
“Nigerians have not forgotten the serious questions surrounding the opaque award process of the Lagos-Calabar Coastal Highway—where due process, competitive bidding, and value-for-money considerations were widely called into question. We must not replicate such a troubling precedent.
“Public infrastructure cannot become a private bazaar for cronies and connected interests. Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws,” he warned.
Atiku urged the National Assembly to thoroughly scrutinise the loan request before approval.
“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.
Meanwhile, President Tinubu has requested Senate approval for the $516,333,070 loan, which is expected to be sourced from Deutsche Bank. The funds will support construction of key sections of the 1,000-kilometre Sokoto–Badagry Super Highway, which will pass through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States, stretching from Illela to Badagry.