Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s request for Senate approval of a $516 million external loan to finance sections of the Sokoto–Badagry Superhighway.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku warned against what he described as a growing pattern of borrowing without sufficient safeguards, amid concerns over Nigeria’s rising debt burden.
While acknowledging the importance of the proposed highway, designed to link the North-West and South-West, he stressed the need for responsible financing.
“Infrastructure development that connects regions is necessary and desirable, but it must be pursued with fiscal discipline and transparency.
“At a time when Nigeria is already groaning under the weight of unsustainable debt, resorting to another foreign loan without clear terms, cost-benefit analysis and a credible repayment plan raises serious concerns about prudence and accountability,” he said.
Atiku cautioned against framing the issue along regional lines, insisting that all Nigerians deserve sustainable development.
“This is not a regional matter. Nigerians expect projects that are not only ambitious but responsibly financed. Development must not become a euphemism for deepening debt traps that future generations will bear,” he said.
He also called for transparency in the award and execution of the project, referencing past controversies surrounding major infrastructure contracts.
“Nigerians have not forgotten the concerns over the Lagos-Calabar Coastal Highway, where due process and value-for-money issues were raised. We must not repeat such a precedent.
“Public infrastructure cannot become a private bazaar for cronies. Every kobo borrowed must be matched with transparency, accountability and strict adherence to procurement laws,” he said
The former vice president urged the National Assembly to thoroughly examine the loan request before granting approval.
“Nigeria must build, but Nigeria must not borrow blindly. Progress built on opacity and mounting debt is not sustainable,” he added.
President Tinubu had earlier written to the Senate seeking approval for a $516,333,070 loan to fund parts of the 1,000-kilometre highway, a key infrastructure project of his administration.
The request, read during plenary by Senate President Godswill Akpabio, indicated that the loan would be sourced from Deutsche Bank and used to construct sections of the road linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states, stretching from Illela to Badagry.