Former Vice President Atiku Abubakar has criticised President Bola Ahmed Tinubu over his request for Senate approval of a fresh $516 million external loan to fund segments of the Sokoto–Badagry Superhighway, raising concerns about transparency and fiscal sustainability.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku questioned the rationale behind seeking additional foreign borrowing without clear disclosure of terms, cost-benefit analysis, and a credible repayment framework, especially amid Nigeria’s rising debt profile.
While acknowledging the importance of infrastructure in driving national integration and economic expansion, he cautioned that “noble intentions cannot excuse reckless fiscal choices.”
He stressed that development must not be framed along regional lines, insisting that all Nigerians deserve projects that are sustainable and transparent, rather than those that mortgage the country’s 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 said.
Atiku further argued that although strategic infrastructure can unlock economic corridors, such initiatives must be guided by fiscal discipline, prioritisation, and openness, warning that borrowing should not substitute for efficiency in governance.
He also expressed concern over reports that the project was awarded to Hitech Construction Company Limited without a transparent and competitive bidding process, describing the development as a continuation of the controversy that trailed the Lagos–Calabar Coastal Highway.
According to him, “Nigerians have not forgotten the controversy surrounding the Lagos–Calabar Coastal Highway, where due process and competitive bidding were widely questioned. It is therefore deeply troubling that a similar opaque approach appears to be playing out again—this time funded by borrowed money.”
The former Vice President questioned the propriety of securing public loans for projects allegedly awarded without due process, warning that such practices erode public trust.
“What manner of leadership takes loans in the name of the Nigerian people, only to channel those resources into contracts awarded without transparency to associates and insiders? This is not governance—it is a betrayal of public trust,” he added.
Atiku called on the National Assembly to subject the loan request to rigorous scrutiny, ensuring that its terms align with national interest and that the project delivers measurable economic value.
“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,” he said.
It would be recalled that President Bola Ahmed Tinubu formally approached the Senate for approval to secure a fresh $516.3 million loan as part of efforts to finance ongoing infrastructure development.
In a correspondence addressed to Senate President Godswill Akpabio and read during Thursday’s plenary, the President disclosed that the facility would be sourced from Deutsche Bank. The loan is intended to support the already approved borrowing framework tied to the Sokoto–Badagry 1,000km Super Highway project.
Tinubu urged lawmakers to grant expedited consideration to the request, underscoring the strategic importance of the project to national connectivity and economic growth.
Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative scrutiny, directing it to report back within one week.
