ADC RAISES ALARM OVER RISING DEBT AS TINUBU SEEKS FRESH LOAN APPROVAL
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By: Balogun Ibrahim
The African Democratic Congress (ADC) Legislators’ Forum has faulted President Bola Tinubu’s request for Senate approval of an additional $516,333,070 external loan to fund segments of the Sokoto–Badagry Super Highway project, cautioning against what it described as increasing debt dependence and fiscal vulnerability.
In a statement released on Thursday and signed by Uko Nkole (Chairman, ADC National Legislators’ Forum), alongside representatives from the South-East, South-South, South-West, North-Central, North-West, and North-East, the lawmakers described the proposal as an example of “reckless borrowing.”
The forum stated that the request reflects “an administration that has made reckless borrowing its default economic policy, with little regard for sustainability, accountability, or the well-being of future generations.”
While acknowledging the importance of infrastructure development, the group questioned the absence of a clear repayment framework and warned of a growing reliance on external debt over sustainable fiscal planning, innovation, and domestic revenue generation.
It further expressed concern that Nigeria’s debt burden is worsening, with a significant portion of national revenue now directed toward debt servicing, warning that continued borrowing could deepen what it termed a looming debt crisis and threaten economic sovereignty.
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The legislators also questioned the timing of the loan request, suggesting it may raise concerns about whether it is driven purely by development needs or influenced by political considerations ahead of elections.
“The National Assembly must not act as a rubber stamp… The Senate must demand full disclosure of financial details, procurement processes, cost-benefit analysis and a credible repayment plan,” the statement added.
The forum urged the federal government to prioritise policies that boost productivity, industrial growth, job creation, and domestic revenue generation rather than excessive reliance on external borrowing.
President Tinubu had earlier requested Senate approval for the loan to finance parts of the 1,000-kilometre Sokoto–Badagry Super Highway, a flagship infrastructure project spanning multiple states.
The request, read during Thursday’s plenary by Senate President Godswill Akpabio, indicated that the loan—expected to be sourced from Deutsche Bank—would support construction along key corridors linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States from Illela to Badagry.
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