Former Vice-President Atiku Abubakar has slammed President Bola Tinubu over a $516 million loan request for sections of the Sokoto–Badagry superhighway, describing the move as a “reckless fiscal choice” amid Nigeria’s rising debt burden.
Tinubu had approached the National Assembly of Nigeria for approval to secure $516,333,007 from a syndicated financing facility led by Deutsche Bank to fund sections 1, 1A and 1B of the project, covering about 120 kilometres.
The request has since been approved.
Reacting through his aide, Atiku said while infrastructure linking regions is “necessary and desirable,” it must not come at the cost 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.
He cautioned against framing the issue along regional lines, insisting Nigerians deserve development that is both transparent and sustainable.
“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.
The former vice-president also questioned the award of the contract to Hitech Construction Limited, alleging a lack of competitive bidding and drawing parallels with past controversies.
“Nigerians have not forgotten the controversy surrounding the Lagos-Calabar Coastal Highway, where due process and competitive bidding were widely questioned,” he said.
“It is therefore deeply troubling that a similar opaque approach appears to be playing out again, this time funded by borrowed money.”
Atiku warned that awarding contracts without transparency erodes public trust and undermines governance.
“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,” the statement reads.
“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.”
He urged lawmakers to properly scrutinise the loan terms and ensure the project delivers measurable economic value.
“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.”
