Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s move to secure Senate backing for a $516 million foreign loan meant to finance portions of the Sokoto-Badagry Superhighway.
Through a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Thursday, April 23, Atiku questioned the wisdom of additional borrowing amid Nigeria’s mounting debt burden.
While recognising the value of connecting the country’s northwestern and southwestern regions through improved infrastructure, the former vice president cautioned against continuing a borrowing pattern that lacks proper oversight.
He emphasised that linking different parts of Nigeria through quality roads is important and should benefit all regions equally.
“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,” Atiku stated.
“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.”
“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.”
The ADC leader stressed that infrastructure projects, despite their potential economic benefits, must follow principles of financial responsibility and openness.
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He argued that taking loans should not replace creative governance or proper management of available resources.
Atiku also demanded complete openness in how the project would be awarded and implemented, citing previous controversies.
“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,” he warned.
“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 called on lawmakers to thoroughly examine the loan proposal before granting 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,” Atiku added.
The criticism follows Tinubu’s letter to the Senate on Thursday requesting authorization for $516,333,070 in external borrowing to build sections of the 1,000-kilometer Sokoto-Badagry highway, a major infrastructure initiative of his government.
Senate President Godswill Akpabio received the letter during plenary, setting in motion the formal review process.
According to Tinubu, Deutsche Bank is expected to provide the funds, which will go toward building critical sections of the road connecting Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states from Illela to Badagry.