ADC Lawmakers Kick As Tinubu Moves To Borrow $516,333,070

The African Democratic Congress (ADC) Legislators’ Forum has condemned the latest move by President Bola Tinubu to secure Senate approval for an additional external loan of $516,333,070 for the Sokoto–Badagry Super Highway project.

Tinubu requested Senate approval for a $516.3 million syndicated loan to finance key sections of the Sokoto–Badagry Superhighway, a major infrastructure project under his administration’s Renewed Hope Agenda.

The request, contained in a letter read during plenary on Thursday by Senate President Godswill Akpabio, seeks legislative authorisation in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011.

However forum of the opposition lawmakers said it
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 wellbeing of future generations.

The forum said this in a statement jointly signed by its chairman,Hon. Uko Ndukwe Nkole leaders from each geopolitical zone.

It said while no responsible opposition undermines the importance of infrastructure development, the forum queried the cost and conditions
of such projects.

According to the ADC lawmakers, Tinubu’s government has failed to convincingly demonstrate that its endless appetite for loans is guided by a coherent, transparent and economically viable repayment strategy.

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

“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue. Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe.

“Each new loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight.

“Even more disturbing is the timing of this request. As the nation inches closer to a major general election cycle, Nigerians are right to question the motives behind this borrowing spree.

“Is this truly about development, or is it another attempt to create avenues for political patronage and electoral advantage? History has taught us to be wary of last-minute, large-scale financial commitments made under the guise of national interest,” the statement reads in part.

The ADC Legislators’ Forum insisted that the National Assembly must not act as a rubber stamp or pro-group of President Tinubu in this matter.

It said the Senate, in particular, must rise to its constitutional responsibility by demanding full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan as anything short of this would amount to a betrayal of public trust.

The lawmakers called on the administration to redirect its focus toward policies that can genuinely strengthen Nigeria’s economy; policies that promote productivity, industrial growth, job creation, and the plugging of revenue leakages.

“We must clearly state that governance is not a free ride without consequences. Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come.

“The Nigerian people will demand answers, accountability, and justice for policies that have deepened hardship and mortgaged the nation’s destiny. Nigeria stands at a critical crossroads.

“We can either choose the path of responsibility, discipline, and sustainable growth, or continue down this perilous road of debt dependency and economic vulnerability,” the statement added.