Former Vice-President Atiku Abubakar has faulted President Bola Tinubu’s plan to borrow $516 million for parts of the Sokoto–Badagry superhighway, describing it as a “reckless fiscal choice”.
President Bola Tinubu had earlier requested approval from the National Assembly for a $516,333,007 foreign loan to finance sections 1, 1A and 1B of the Sokoto–Badagry superhighway. The project covers about 120 kilometres and will be funded through a syndicated facility arranged by Deutsche Bank.
The National Assembly has since approved the request.
Reacting through a statement issued by his media aide, Phrank Shaibu, Atiku said the highway project is important but warned that it must not be used to justify poor financial decisions.
He said: “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 stressed that national development should not be viewed from a regional angle, adding that Nigerians expect openness and responsible financing in all major projects.
He said: “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.”
The former vice-president also questioned the process of awarding the contract to Hitech Construction Limited, alleging that it was done without open competition.
He said: “Nigerians have not forgotten the controversy surrounding the Lagos-Calabar Coastal Highway, where due process and competitive bidding were widely questioned.”
Atiku further warned that awarding major contracts without transparency damages public trust in government.
He added: “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 urged the National Assembly to carefully review the loan and ensure it serves the national interest, stressing that Nigeria must avoid borrowing without clear accountability.
He said: “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.”
