ADC Legislators Fault Tinubu’s $516m Loan Request For Sokoto-Badagry Highway

ADC lawmakers criticise Tinubu’s $516m loan request, warn against rising debt and call for fiscal discipline.

The African Democratic Congress (ADC) Legislators’ Forum has called on the Federal Government to redirect its focus toward policies that can genuinely strengthen the economy, promote productivity and industrial growth, and plug revenue leakages.

The organisation said the latest request by President Bola Ahmed Tinubu to secure Senate approval for an additional external loan of $516 million for the Sokoto–Badagry Super Highway Project is alarming, stressing that borrowing should not replace sound leadership and accountability.

The condemnation was contained in a statement issued by the Chairman of the ADC National Legislators’ Forum, Dr. Uko Ndukwe Nkole, alongside Nnenna Ukeje, Sergius Ogun, H. Ajagbe, Zakari Mohammed, Koko Shehu, and Maigari Bello, representing the South-East, South-South, South-West, North-Central, North-West, and North-East respectively.

The statement, titled “$516 Million Loan Request: Tinubu’s Borrowing Binge and the Mortgaging of Nigeria’s Future,” described the request as “alarming” and reflective of what it termed a pattern of excessive borrowing.

“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 wellbeing of future generations,” the forum said.

While acknowledging the importance of infrastructure development, the group questioned the cost and conditions attached to the proposed loan.

“While no responsible opposition undermines the importance of infrastructure development, we must ask: at what cost, and under what conditions? This government has failed to convincingly demonstrate that its appetite for loans is guided by a coherent, transparent, and economically viable repayment strategy,” the statement added.

The forum warned that Nigeria’s rising debt burden, coupled with high debt servicing obligations, poses a serious threat to economic stability.

“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue. Yet, rather than confronting this reality with discipline and reform, the administration continues to plunge the country deeper into a looming debt crisis,” it stated.

The lawmakers also raised concerns about the timing of the loan request, noting that it comes as the country approaches another general election cycle.

“Even more disturbing is the timing of this request. As the nation inches closer to a major election cycle, Nigerians are right to question the motives behind this borrowing. Is this truly about development, or is it another attempt to create avenues for political patronage?” the statement queried.

The ADC legislators urged the National Assembly, particularly the Senate, to thoroughly scrutinise the request and demand full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and repayment plan.

“The Senate must not act as a rubber stamp. Anything short of full transparency would amount to a betrayal of public trust,” they said.

The forum further called on the administration to prioritise policies that would strengthen the economy through productivity, job creation, and improved revenue generation.“Borrowing should never be a substitute for leadership, creativity, and accountability,” the statement stressed.

It warned that decisions that could jeopardise the country’s economic future would ultimately be subject to public scrutiny and accountability.

“Nigeria stands at a critical crossroads. We can either choose the path of responsibility, discipline, and sustainable growth, or continue down the road of debt dependency and economic vulnerability,” the forum added.