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“Your blind borrowings pushing Nigeria into debt trap” — Atiku fires warning at Tinubu over $516m fresh loan plan
Former Vice President Atiku Abubakar has criticised President Bola Tinubu over a fresh $516.3 million external borrowing request, warning that Nigeria must avoid what he described as reckless debt accumulation.
The loan request, which has already been transmitted to the Senate, is intended to finance the Sokoto–Badagry Super Highway project linking several northern and southern states, including Sokoto, Kebbi, Kwara, Oyo, Ogun, and Lagos.
Atiku, in a statement issued through his media aide, Phrank Shaibu, acknowledged the importance of infrastructure development but questioned the transparency and fiscal prudence behind the borrowing plan.
He warned that while projects may be ambitious, they must not become a justification for piling up unsustainable debt without clear repayment structures.
“At a time when Nigeria is already groaning under the weight of unsustainable debt, the resort to yet another foreign loan… raises profound questions about prudence and accountability,” the statement said.
Atiku also referenced past infrastructure financing controversies, insisting that public borrowing must be backed by transparency, due process, and value-for-money considerations.
“Nigeria must build, but Nigeria must not borrow blindly,” he stated, arguing that development without accountability risks worsening future economic pressures.
The loan request, transmitted by the President to Senate leadership led by Godswill Akpabio, has been referred to the Senate Committee on Local and Foreign Debts for further legislative consideration.
Senate leadership has argued that borrowing for major infrastructure projects is justifiable where long-term economic benefits and repayment capacity are clearly demonstrated, though scrutiny of the proposal is expected to intensify in coming days.
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