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Former Vice President Atiku Abubakar has raised the alarm over a fresh $516 million external loan request by President Bola Tinubu, warning that the move could deepen Nigeria’s already precarious debt burden.
The loan, which is awaiting approval from the National Assembly, is intended to finance sections of the Sokoto–Badagry Superhighway project — an ambitious infrastructure plan linking the Northwest to the Southwest.
Senate President Godswill Akpabio read the letter from President Bola Tinubu seeking Senate’s approval for the $516, 333,070 loan at plenary on Thursday.
According to the letter, the syndicated loan will be secured through Deutsche Bank AG, supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank.
The president explained that the Federal Government would provide counterpart funding in the sum of N265,542,689,569, covering land acquisition, compensation, and ancillary infrastructure.
Sokoto-Badagry Highway: Atiku blasts Tinubu over additional $516m foreign loan request
Atiku Abubakar, former Vice President, has faulted the request by President Bola Tinubu’s government for the approval of a fresh $516 million external loan to finance portions of the Sokoto–Badagry Superhighway project.
In a statement on Thursday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Phrank Shaibu, Atiku noted that infrastructure development—particularly one that seeks to connect the Northwest to the Southwest is necessary; however, noble intentions cannot excuse reckless fiscal choices.
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“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.
The African Democratic Congress (ADC) chieftain said while people of the region deserve such development, it should be 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,” he added.
He also stressed the need for absolute transparency in the award and execution of the projects in Nigeria, pointing to earlier concerns raised over the Lagos-Calabar Coastal Highway.
“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,” Atiku 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 stated.
Atiku urged the National Assembly to subject the loan request to the highest level of scrutiny.
“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 emphasised.
