TDThe African Democratic Congress (ADC) Legislators’ Forum has strongly condemned President Bola Ahmed Tinubu’s latest request for Senate approval of an external loan amounting to $516,333,070.
The loan, earmarked for the Sokoto–Badagry Super Highway project, has been described by the ADC as reckless borrowing that threatens Nigeria’s economic stability and mortgages the future of its citizens.
In a statement signed by Hon. Uko Ndukwe Nkole, PhD, Chairman of the ADC National Legislators’ Forum, the party accused the Tinubu administration of making borrowing its default economic policy, without presenting a transparent or sustainable repayment strategy.
“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue.
“Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe,” the statement read.
The ADC noted that while infrastructure development is important, the government has failed to provide convincing evidence that the project is economically viable.
The timing of the loan request, coming ahead of a major election cycle, was also questioned, with the opposition suggesting it could be a ploy for political patronage rather than genuine development.
The party urged the National Assembly to resist acting as a “rubber stamp” for the executive, insisting that lawmakers must demand full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan.
The ADC further called on the administration to redirect its focus toward policies that strengthen Nigeria’s economy through productivity, industrial growth, job creation, and plugging revenue leakages.
“Borrowing should never be a substitute for leadership, creativity, and accountability.
“Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come,” Nkole warned.
The statement concluded with a stark reminder that Nigeria stands at a crossroads: either embrace responsibility and sustainable growth, or continue down a perilous path of debt dependency and economic vulnerability.
