Atiku Abubakar, former Vice President, has faulted the request by President Bola Tinubu’s government for the approval of a fresh $516 million external loan to finance portions of the Sokoto–Badagry Superhighway project.
In a statement on Thursday by his spokesperson, Phrank Shaibu, Atiku noted that infrastructure development—particularly one that seeks to connect the Northwest to the Southwest is necessary; however, noble intentions cannot excuse reckless fiscal choices.
“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,” Atiku stated.
Atiku said that although people of the region deserve such development, it should be sustainable, transparent, and not mortgaged against their 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 added.
He also stressed the need for absolute transparency in the award and execution of the projects in Nigeria, pointing to earlier concerns raised over the Lagos-Calabar Coastal Highway.
“Nigerians have not forgotten the serious questions surrounding the opaque award process of the Lagos-Calabar Coastal Highway—where due process, competitive bidding, and value-for-money considerations were widely called into question. We must not replicate such a troubling precedent,” Atiku warned.
“Public infrastructure cannot become a private bazaar for cronies and connected interests. Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws,” he added.
He urged the National Assembly to subject the loan request to the highest level of scrutiny.
“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,” Atiku concluded.
Recall that President Tinubu recently sent a fresh $516 million external loan request to the Senate despite the rising debt profile of the country.
DAILY POST reports that Nigeria’s total debt grew to N159.28 trillion, which is roughly equivalent to $110.97 billion as of the first quarter of 2026.
