The African Democratic Congress (ADC) Legislators’ Forum has voiced strong opposition to President Bola Tinubu’s request for Senate approval of an additional external loan amounting to $516,333,070. The funds are earmarked for the development of the Sokoto–Badagry Super Highway project.
Members of the forum described the loan request as alarming, characterizing it as indicative of an administration that has adopted reckless borrowing as its primary economic strategy. They contend that this approach disregards sustainability, accountability, and the long-term welfare of future generations.
While acknowledging the importance of infrastructure development, the forum raised questions about the absence of a clear and transparent repayment plan. They noted a perceived prioritization of debt accumulation over sound fiscal management and domestic resource mobilization.
Nigeria is currently grappling with a substantial debt burden, where servicing costs consume a significant portion of the nation's revenue. The forum expressed concern that instead of implementing fiscal discipline and reforms, the current administration appears to be leading the country towards a potential debt crisis.
“Each new loan diminishes the nation’s economic sovereignty, leaving future generations to settle debts incurred by a lack of foresight. The timing of the request is also under scrutiny, coming as the nation approaches a major general election cycle,” the lawmakers stated in a press release. The statement was signed by Uko Ndukwe Nkole, ADC National Legislators’ Forum chairman, along with regional representatives.
The legislators questioned whether the borrowing is genuinely intended for development or if it serves as a means to create opportunities for political patronage. They emphasized the need for caution regarding large financial commitments made late in an administration's term, especially when presented under the guise of national interest.
The ADC Legislators’ Forum chairman stressed that the National Assembly should not act as a mere “rubber stamp” for the presidency. The forum has called upon the Senate to insist on complete transparency regarding financial details, procurement procedures, and comprehensive cost-benefit analyses before approving the loan.
Furthermore, the forum urged the administration to shift its focus towards policies that foster productivity, stimulate industrial growth, and generate employment. They asserted that borrowing should never be a substitute for effective leadership and accountability.
The forum issued a warning that governance carries inherent consequences, and those who jeopardize Nigeria’s economic future will eventually be held accountable. They believe the public will ultimately demand explanations for policies that have exacerbated hardship and compromised the nation's destiny.
“Nigeria stands at a critical crossroads between sustainable growth and perilous debt dependency. The forum concluded that while the administration must decide its path, history will judge those who fail the nation,” the statement concluded.
