ENUGU, Nigeria (VOICE OF NAIJA)- 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 that Nigeria must not “borrow blindly” under the guise of development.
The criticism follows a letter sent by Tinubu to the Senate, seeking approval to secure a $516,333,070 syndicated loan from Deutsche Bank, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, an arm of the Islamic Development Bank.
The loan is intended to finance the Sokoto-Badagry Super Highway, a proposed 1,000-kilometre economic corridor linking several states across Nigeria’s North-West and South-West regions.
In the letter, read during plenary by Senate President Godswill Akpabio, Tinubu also disclosed that the Federal Government would provide counterpart funding of N265.5 billion for land acquisition, compensation, and related infrastructure.
The President urged lawmakers to grant expedited approval for the facility, describing the highway project as critical to boosting economic productivity and regional connectivity.
Akpabio backed the request, noting that borrowing for infrastructure is justified when it delivers long-term economic value, and subsequently referred the proposal to the Senate Committee on Local and Foreign Debts for review within one week.
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However, Atiku, in a statement by his spokesman Phrank Shaibu, acknowledged the importance of infrastructure development but cautioned against what he described as reckless fiscal decisions.
“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.
“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.
“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.
“Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws.
“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 said.