ADC condemns Tinubu’s $516m loan request for Sokoto–Badagry highway

The African Democratic Congress (ADC) Legislators’ Forum has voiced strong opposition to President Bola Tinubu's administration's latest request for a substantial external loan, this time amounting to over $516 million for the Sokoto–Badagry Super Highway project. The lawmakers have labeled this move as emblematic of "reckless borrowing" and a "default economic policy" that disregards long-term sustainability and the well-being of future generations. This criticism highlights a growing concern within segments of the political landscape regarding Nigeria's escalating debt burden and what is perceived as a lack of prudent fiscal management.

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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.

While acknowledging the necessity of infrastructure development, the ADC forum questions the government's strategy for debt repayment, pointing to a troubling pattern where accumulating debt takes precedence over fostering domestic resource mobilization and innovation. They warn that continuous borrowing exacerbates Nigeria's already precarious financial situation, potentially leading to a "debt catastrophe" and undermining the nation's economic sovereignty. The legislators are calling on the National Assembly to act as a check on executive power, demanding transparency in financial dealings, cost-benefit analyses, and credible repayment plans before approving such loans.

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Nigerians are witnessing “a troubling pattern where debt accumulation is prioritised over prudent fiscal management, innovation, and domestic resource mobilisation.

Beyond the immediate financial implications, the ADC legislators also raise questions about the timing of the loan request, suggesting it might be influenced by political considerations rather than purely developmental needs. They advocate for a shift in economic policy, urging the government to prioritize productivity, industrial growth, job creation, and improved revenue generation. This perspective reflects a desire for a more self-reliant economic model that reduces dependence on external borrowing and fosters sustainable development from within.

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The National Assembly must not act as a rubber stamp… The Senate must demand full disclosure of financial details, procurement processes, cost-benefit analysis and a credible repayment plan.