Atiku Hits Tinubu Over Borrowing To Finance ‘Crony Contracts’

Former Vice President Atiku Abubakar has expressed serious concern over the request by President Bola Tinubu for Senate approval of a fresh $516 million external loan to finance portions of the Sokoto–Badagry Superhighway project.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Thursday, Atiku noted that infrastructure development—particularly one that seeks to connect the North-West to the South-West —is both necessary and desirable, however, he added that the intention cannot excuse what he called ‘reckless fiscal choices’.

“Indeed, no region of Nigeria should be left behind in the march toward national integration and economic expansion. However, noble intentions cannot excuse 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 stated.

He emphasised that this was not a regional issue, nor should it be framed as one. “The people of Northern Nigeria, like their counterparts across the country, deserve development that is sustainable, transparent, and not mortgaged against their future.”

“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,” he added.

The former Vice President further noted that while strategic infrastructure can unlock economic corridors, he pointed out that it must be pursued within the bounds of fiscal discipline, prioritisation, and openness. “Borrowing must never replace creativity in governance or efficiency in resource management,” he added.

Atiku also raised serious concerns over reports that the project was awarded to Hitech Construction Company Limited without a transparent and competitive bidding process. He described this as a dangerous continuation of the pattern earlier observed in the Lagos-Calabar Coastal Highway.

“Nigerians have not forgotten the controversy surrounding the Lagos-Calabar Coastal Highway, where due process and competitive bidding were widely questioned. It is, therefore, deeply troubling that a similar opaque approach appears to be playing out again—this time funded by borrowed money,” Atiku warned.

He questioned the logic and morality of borrowing public funds to finance projects allegedly handed to cronies without due process. “What manner of leadership takes loans in the name of the Nigerian people, only to channel those resources into contracts awarded without transparency to associates and insiders? This is not governance—it is a betrayal of public trust,” he stated.

He insisted that the Sokoto–Badagry project must not be reduced to another exercise in favouritism or insider contracting. “Public infrastructure cannot become a private bazaar for cronies and connected interests. Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws,” he added.

He called on the National Assembly to subject the loan request to the highest level of scrutiny, ensuring that the terms were in the best interest of the Nigerian people and that the project delivers measurable economic value.

“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,” Atiku concluded.