Dare Babalola
Former Vice President, Atiku Abubakar, has expressed concern over the Federal Government’s plan to secure an additional $516 million external loan for the Sokoto–Badagry Superhighway project.
In a statement issued on Thursday by his spokesperson, Phrank Shaibu, Atiku acknowledged the importance of infrastructure projects aimed at linking Nigeria’s Northwest and Southwest regions.
However, he cautioned that such initiatives must not come at the expense of fiscal responsibility.
“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,” he said.
While noting that the people of the affected regions deserve improved infrastructure, the former vice president stressed that development efforts must be sustainable and not jeopardise future generations.
“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.
Atiku also called for full transparency in the procurement and execution of major infrastructure projects, referencing concerns previously raised about the Lagos-Calabar Coastal Highway.
“Nigerians have not forgotten the serious questions surrounding the opaque award process of the Lagos-Calabar Coastal Highway—where due process, competitive bidding, and value-for-money considerations were widely called into question. We must not replicate such a troubling precedent,” he warned.
He further cautioned against the misuse of public funds, insisting that borrowed resources must be managed with strict accountability.
“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,” Atiku stated.
The former vice president urged the National Assembly to rigorously examine the loan request before granting approval.
“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,” he concluded.
President Bola Tinubu had recently transmitted the request to the Senate, seeking approval for the fresh borrowing despite concerns over the country’s rising debt profile.
According to available data, Nigeria’s total public debt rose to N159.28 trillion, equivalent to about $110.97 billion, as of the first quarter of 2026.
