Lawmakers of the African Democratic Congress (ADC) have criticised President Bola Ahmed Tinubu over his request for Senate approval of an additional $516.3 million external loan for the Sokoto–Badagry Super Highway project.
The president had sought approval for the syndicated facility to fund critical sections of the highway, a key infrastructure project under his administration’s Renewed Hope Agenda. The request was presented in a letter read on the Senate floor by Senate President Godswill Akpabio, in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011.
However, the ADC Legislators’ Forum described the move as troubling, accusing the administration of sustaining a pattern of heavy borrowing without sufficient regard for sustainability and accountability.
In a statement jointly signed by its chairman, Hon. Uko Ndukwe Nkole, alongside leaders from various geopolitical zones, the forum said that while it supports infrastructure development, it remains concerned about the cost implications and loan conditions.
The lawmakers noted that the government has yet to clearly outline a transparent repayment plan, warning that continued borrowing could further deepen Nigeria’s debt profile. They added that rising debt servicing costs are already taking a substantial share of national revenue, raising concerns about long-term economic pressure.
They also questioned the timing of the request, pointing out that it comes as the country moves closer to another general election cycle.
The forum urged the National Assembly to rigorously examine the proposal, stressing that lawmakers must go beyond mere approval and insist on full disclosure of the project’s financial structure, procurement details, and cost-benefit analysis.
It also called on the federal government to focus on policies that drive economic growth, create jobs, and boost revenue, rather than relying heavily on borrowing.
The ADC lawmakers cautioned that decisions made at this stage could have far-reaching implications for the country’s economic stability, underscoring the need for fiscal discipline and accountability.