Former Vice President Atiku Abubakar has launched a sharp critique of President Bola Ahmed Tinubu’s request for a fresh $516 million external loan, warning that Nigeria is sliding deeper into unsustainable debt under the guise of infrastructure development.
The loan request, currently before the Senate, is intended to finance the Sokoto–Badagry Superhighway project, a 1,000-kilometre strategic corridor linking several northern and southern states. The financing package is to be secured through Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
President Tinubu, in his communication to the National Assembly, said the project is central to his administration’s infrastructure renewal agenda and has already received Federal Executive Council approval. He also noted that the Federal Government will contribute over ₦265 billion in counterpart funding for land acquisition and related costs.
Senate President Godswill Akpabio, while referring the request to the Committee on Local and Foreign Debts, described the project as a “major economic game changer” capable of boosting productivity, improving connectivity, and saving lives. Lawmakers have been urged to expedite consideration of the proposal.
However, Atiku, through a statement issued by his aide Phrank Shaibu, cautioned against what he described as “reckless borrowing without transparency and accountability.”
While acknowledging the importance of infrastructure, the former Vice President argued that Nigeria’s rising debt profile demands stricter scrutiny of new borrowing proposals.
“At a time when Nigeria is already groaning under unsustainable debt, further foreign loans without transparent terms, clear cost-benefit analysis, and a credible repayment plan raise serious concerns,” the statement read.
Atiku also referenced past infrastructure projects, warning that opacity in procurement and execution could undermine public trust and worsen fiscal vulnerabilities.
“Nigeria must build, but it must not borrow blindly. Development cannot be used as justification for debt accumulation without accountability,” he said.
He insisted that every loan taken in the name of Nigerians must be backed by full transparency, due process, and measurable economic returns, warning that failure to do so could “postpone a deeper economic crisis rather than prevent it.”
The Senate committee is expected to report back on the loan request within one week as debate over Nigeria’s debt trajectory continues to intensify.
Atiku Slams Fresh $516m Loan Request, Warns Tinubu Over Rising Debt Burden
