The African Democratic Congress (ADC) Legislators’ Forum has criticised President Bola Ahmed Tinubu over his request for Senate approval of a $516.3 million external loan to fund sections of the Sokoto–Badagry Super Highway, warning of mounting debt risks.
In a statement issued on Thursday and signed by its chairman, Uko Nkole, alongside other regional representatives, the forum described the move as “reckless borrowing” and cautioned against what it called a growing dependence on external debt.
According to the lawmakers, the loan request highlights a pattern of fiscal decisions that prioritise borrowing over sustainable economic management.
“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 well-being of future generations,” the statement read.
While acknowledging the importance of infrastructure development, the forum questioned the absence of a clear repayment strategy, arguing that Nigeria’s rising debt profile poses significant risks to long-term economic stability.
The group warned that increasing debt servicing obligations are already consuming a large portion of government revenue, raising concerns about a potential “debt catastrophe” and threats to economic sovereignty.
It also queried the timing of the loan request, suggesting that Nigerians have a right to scrutinise whether the move is driven by genuine development needs or political considerations ahead of the 2027 elections.
The lawmakers urged the National Assembly of Nigeria, particularly the Senate, not to approve the request without thorough scrutiny.
“The Senate must demand full disclosure of financial details, procurement processes, cost-benefit analysis, and a credible repayment plan,” the forum stated, warning against acting as a rubber stamp.
They further advised the federal government to shift focus toward productivity-driven policies, industrialisation, job creation, and improved revenue generation instead of relying heavily on loans.
President Tinubu had earlier written to the Senate, with the request read during plenary by Senate President Godswill Akpabio, seeking approval for the loan expected to be sourced from Deutsche Bank.
The funds are intended to support the construction of key sections of the 1,000-kilometre Sokoto–Badagry Super Highway, a major infrastructure project designed to connect several states from Illela in Sokoto State to Badagry in Lagos State.
