Atiku, Economists Query Tinubu's $516m Loan Request for Super Highway

The request by President Bola Tinubu for a $516 million external loan to fund the ambitious Sokoto-Badagry Super Highway project has ignited significant debate, highlighting a deep-seated concern among prominent figures and economic experts regarding Nigeria's escalating debt profile. Former Vice President Atiku Abubakar has been particularly vocal, issuing a statement that, while acknowledging the project's importance, strongly cautioned against the "unsustainable debt" and the lack of transparency surrounding the borrowing.

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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.

Abubakar's statement, disseminated through his Senior Special Assistant on Public Communication, Phrank Shaibu, emphasized that the loan, to be sourced from Deutsche Bank, requires rigorous scrutiny by the National Assembly. He articulated a sentiment echoed by many Nigerians: the need for "responsible financing" over "ambitious projects" that could mortgage the future. The call for "prudence and accountability" underscores a broader anxiety about the nation's fiscal health and the potential for future generations to bear the burden of current borrowing.

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The people of Northern Nigeria, like their counterparts across the country, deserve development that is sustainable, transparent, and not mortgaged against their future.

Economists, as reported by The Punch, have offered mixed reactions. Some, like Professor Akpan Ekpo, a Professor of Economics and Public Policy at the University of Uyo, expressed alarm at Nigeria's "growing reliance on external borrowing" and the "alarmingly rising" debt profile. This perspective suggests that the nation's revenue, including windfalls from oil, should be prioritized for infrastructure without exacerbating debt. The underlying concern is that development should not become a "euphemism for deepening debt traps."

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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.

From a Nigerian perspective, this debate is not merely about infrastructure; it's about sustainable development and fiscal responsibility. While international observers might focus on the economic implications of debt, for many Nigerians, it's about ensuring that development projects benefit the present without crippling the future. The emphasis on transparency and accountability is paramount, reflecting a desire for governance that prioritizes the long-term well-being of the citizenry over immediate, potentially debt-fueled, progress. The Sokoto-Badagry Super Highway, while a potentially transformative project, has thus become a focal point for these critical national conversations.

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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.