Former Vice President Atiku Abubakar has criticised President Bola Tinubu over his request for Nigerian Senate approval to secure a fresh $516 million external loan for the proposed Sokoto–Badagry Super Highway project, cautioning against what he described as reckless borrowing.
President Tinubu had written to Senate President Godswill Akpabio seeking approval for a syndicated loan of $516,333,07 to help finance the 1,000-kilometre Sokoto–Badagry Super Highway. The facility is expected to be arranged through Deutsche Bank AG and supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, the insurance arm of the Islamic Development Bank.
In the letter read during plenary, Tinubu explained that the Federal Government would also provide counterpart funding of N265.5 billion to cover land acquisition, compensation, and related infrastructure.
According to the President, the highway is designed to open up the North-West to South-West economic corridor by linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states through a high-capacity carriageway stretching from Illela to Badagry.
Akpabio described the project as a potential economic game changer capable of saving lives, improving connectivity, and boosting productivity. He argued that borrowing for critical infrastructure is justified when such investments can generate long-term economic value and support repayment.
Following the presentation, the Senate referred the request to its Committee on Local and Foreign Debts with a directive to report back within one week for further consideration.
Reacting in a statement issued by his media aide, Phrank Shaibu, Atiku said while infrastructure development is necessary, resorting to additional foreign borrowing without clear terms and repayment strategies raises concerns about fiscal responsibility.
He warned that Nigeria was already facing mounting debt pressures and urged the government to ensure transparency, cost-benefit analysis, and strict adherence to procurement laws before committing to new loans.
Atiku also referenced concerns previously raised over the procurement process for the Lagos–Calabar Coastal Highway, cautioning against repeating what he described as a troubling precedent.
“Nigeria must build, but Nigeria must not borrow blindly,” he said, adding that development should not become a justification for deepening debt burdens that could affect future generations.
