The African Democratic Congress (ADC) Legislators’ Forum has strongly condemned the move by President Bola Tinubu to secure Senate approval for an additional external loan of $516,333,070. The funds are intended for the Sokoto–Badagry Super Highway project.
- +ADC lawmakers challenge Tinubu over $516m infrastructure loan
- +Concerns over fiscal sustainability
- +Demands for legislative oversight
Forum members described the request as alarming and emblematic of an administration that has made reckless borrowing its default economic policy.
Forum members described the request as alarming and emblematic of an administration that has made reckless borrowing its default economic policy. They argued the policy ignores sustainability, accountability, and the wellbeing of future generations.
Concerns over fiscal sustainability
While the forum acknowledged the importance of infrastructure, it questioned the lack of a transparent repayment strategy. It noted that debt accumulation is being prioritised over prudent fiscal management and domestic resource mobilisation.
Nigeria is currently weighed down by a crushing debt burden, with servicing costs consuming a staggering proportion of national revenue. Instead of implementing discipline and reform, the Tinubu administration is allegedly plunging the country into a looming debt catastrophe.
“Each new loan diminishes the nation’s economic sovereignty, leaving future generations to settle debts incurred by a lack of foresight. The timing of the request is also under scrutiny, coming as the nation approaches a major general election cycle,” the lawmakers said in a press release signed by Uko Ndukwe Nkole, ADC National Legislators’ Forum chairman; Nnenna Ukeje, south east; Sergius Ogun, south south; Ajagbe H, south west; Zakari Mohammed, north central; Koko Shehu, north west and Maigari Bello M, north east.
Demands for legislative oversight
Legislators questioned whether the borrowing is truly for development or an attempt to create avenues for political patronage. History suggests a need for caution regarding large-scale financial commitments made late in an administration under the guise of national interest.
ADC Legislators’ Forum chairman insisted the National Assembly must not act as a “rubber stamp” for the presidency. The forum called on the Senate to demand full disclosure of financial details, procurement processes, and cost-benefit analyses.
The forum urged the administration to redirect its focus toward policies that promote productivity, industrial growth, and job creation. Borrowing, the members said, should never serve as a substitute for leadership and accountability.
The forum warned that governance carries consequences and that those endangering Nigeria’s economic future will face a day of reckoning. The public will eventually demand answers for policies that have deepened hardship and mortgaged the nation’s destiny.
“Nigeria stands at a critical crossroads between sustainable growth and perilous debt dependency. The forum concluded that while the administration must decide its path, history will judge those who fail the nation,” the forum said.
