The African Democratic Congress (ADC) Legislators’ Forum has condemned President Bola Tinubu’s request for Senate approval of a $516,333,070 external loan for the Sokoto-Badagry Super Highway, describing it as part of a pattern of reckless borrowing.
In a statement released on Thursday, April 24, and signed by the forum’s chairman, Hon. Uko Ndukwe Nkole, along with Hon. Nnenna Ukeje, Hon. Sergius Ogun, Hon. Ajagbe H, Hon. Zakari Mohammed, Hon. Koko Shehu, and Hon. Maigari Bello, the lawmakers questioned the administration’s commitment to fiscal sustainability.
“This request is not only alarming but emblematic of an administration that has made reckless borrowing its default economic policy, with little regard for sustainability, accountability, or the wellbeing of future generations,” the statement read.
While acknowledging the importance of infrastructure development, the legislators asked critical questions about the terms and conditions of the borrowing.
“While no responsible opposition undermines the importance of infrastructure development, we must ask: at what cost, and under what conditions?
“This government has failed to convincingly demonstrate that its endless appetite for loans is guided by a coherent, transparent, and economically viable repayment strategy,” they said.
“Instead, Nigerians are witnessing a troubling pattern; one where debt accumulation is prioritized over prudent fiscal management, innovation, and domestic resource mobilization.”
The forum highlighted Nigeria’s already heavy debt burden, noting that debt servicing consumes a significant portion of national revenue.
“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue.
“Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe.
“Each new loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight,” the statement added.
The legislators raised concerns about the timing of the loan request, coming as Nigeria approaches a major election cycle.
“Even more disturbing is the timing of this request. As the nation inches closer to a major general election cycle, Nigerians are right to question the motives behind this borrowing spree.
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“Is this truly about development, or is it another attempt to create avenues for political patronage and electoral advantage? History has taught us to be wary of last-minute, large-scale financial commitments made under the guise of national interest,” they said.
The ADC lawmakers called on the National Assembly to scrutinize the loan request thoroughly rather than serving as a rubber stamp for the presidency.
“The ADC Legislators’ Forum insists that the National Assembly must not act as a rubber stamp or Pro group of President Bola Ahmed Tinubu in this matter.
“The Senate, in particular, must rise to its constitutional responsibility by demanding full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan. Anything short of this would amount to a betrayal of public trust,” the statement read.
They urged the administration to focus on policies that genuinely strengthen the economy.
“Furthermore, we call on the administration to redirect its focus toward policies that can genuinely strengthen Nigeria’s economy; policies that promote productivity, industrial growth, job creation, and the plugging of revenue leakages. Borrowing should never be a substitute for leadership, creativity, and accountability,” the forum stated.
The legislators warned that those making decisions that endanger Nigeria’s economic future would eventually face consequences.
“We must clearly state that governance is not a free ride without consequences. Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come.
“The Nigerian people will demand answers, accountability, and justice for policies that have deepened hardship and mortgaged the nation’s destiny,” they said.
“Nigeria stands at a critical crossroads. We can either choose the path of responsibility, discipline, and sustainable growth, or continue down this perilous road of debt dependency and economic vulnerability.
“The Tinubu administration must decide where it stands; but Nigerians are watching, and history will not be kind to those who fail this nation,” the ADC lawmakers warned.
President Tinubu had on Thursday requested Senate approval for the loan from Deutsche Bank to finance sections of the 1,000-kilometer highway connecting Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states.