Atiku Slams Tinubu’s $516 Million Loan for Sokoto-Badagry Highway as Reckless Borrowing

 

Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu’s request for a fresh $516 million external loan to fund a major section of the Sokoto–Badagry Superhighway, calling it another step into unsustainable debt without proper safeguards.

In a statement released through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku acknowledged that connecting Nigeria’s Northwest to the Southwest through this ambitious 1,000-kilometre highway is important for national integration. But he warned that good intentions cannot justify 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 said.

He stressed that Nigerians deserve development that is sustainable and not mortgaged against future generations. “Development must not become a euphemism for deepening debt traps,” he added.

Atiku also raised concerns about the contracting process, referencing past controversies like the Lagos-Calabar Coastal Highway. He urged that the project must follow due process, competitive bidding, and strict adherence to procurement laws to avoid favoritism or insider deals.

President Tinubu had written to the Senate on Thursday seeking approval for the $516.3 million syndicated loan from Deutsche Bank. The funds are meant for Sections 1, 1A, and 1B of the highway — roughly 120 kilometres — linking states from Sokoto through Kebbi, Niger, Kwara, Oyo, Ogun, to Lagos.

The letter was read in plenary and referred to the Senate Committee on Local and Foreign Debts for review within one week.

Atiku called on the National Assembly to scrutinize the loan thoroughly. “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,” he concluded.