Former Vice-President Atiku Abubakar has condemned plans by President Bola Tinubu to secure a $516 million external loan, describing the move as fiscally irresponsible in light of the country’s growing debt obligations.
The criticism follows a request submitted by Tinubu to the National Assembly on Thursday, seeking approval for a $516,333,007 foreign loan intended to fund portions of the Sokoto–Badagry Superhighway, a major infrastructure project designed to improve connectivity across Nigeria.
In his reaction, Atiku expressed concern over what he characterised as the federal government’s persistent dependence on foreign borrowing, warning that such actions are often undertaken without adequate transparency or accountability.
“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,” he said.
The former vice-president cautioned that taking on additional debt without a well-defined repayment plan could further strain Nigeria’s financial stability and impose a heavier burden on future generations.
He also called on the government to adopt stricter fiscal discipline, consider alternative financing mechanisms, and provide Nigerians with full disclosure regarding the terms and implications of the proposed borrowing.
The Sokoto–Badagry Superhighway, a flagship initiative of the current administration, is expected to connect key economic zones across the northern and southern parts of the country.
However, its financing structure has continued to generate debate among policymakers and economic experts, particularly amid concerns over Nigeria’s rising debt profile.
