President Bola Ahmed Tinubu has come under fire from members of the African Democratic Congress (ADC) for trying to get Senate approval for an extra $516.3 million external loan for the Sokoto–Badagry Super Highway project.
As part of his administration’s Renewed Hope Agenda, the President had asked for approval of the syndicated loan to fund important portions of the project.
In accordance with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, Senate President Godswill Akpabio made the request in a letter read in plenary.
The ADC Legislators’ Forum, however, called the action concerning and charged that the administration was following a pattern of excessive borrowing without giving sustainability and accountability enough thought.
The forum stated in a joint statement signed by its chairman, Hon. Uko Ndukwe Nkole, and other leaders from various geopolitical zones that although it is in favor of infrastructure development, there are still issues with the terms and costs of these loans.
The lawmakers warned that further borrowing could make Nigeria’s debt load worse and contended that the government has yet to provide a clear and transparent repayment plan
The forum claims that growing debt servicing obligations are already taking up a sizable amount of national revenue, raising concerns about long-term economic strain.
They also questioned the loan request’s timing, pointing out that it happens as the nation gets closer to
their cycle of general elections.
The forum called on the National Assembly to carefully consider the proposal, emphasizing that lawmakers should demand complete disclosure of the project’s financial details, procurement procedures, and cost-benefit analysis rather than acting as a rubber stamp.
It also urged the federal government to prioritize policies that support improved revenue generation, job creation, and economic growth over those that increase reliance on borrowing.
The ADC lawmakers emphasized the need for fiscal restraint and accountability in governance, cautioning that decisions made today could have long-term effects on the nation’s economic future.
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