Atiku Slams Tinubu Over $516m Loan, Flags Debt Risks

Former Vice-President Atiku Abubakar has criticised President Bola Tinubu over a proposed $516 million foreign loan, describing the move as a reckless fiscal decision amid Nigeria’s mounting debt burden.

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President Tinubu had, on Thursday, written to the National Assembly seeking approval for a $516,333,007 external loan to finance sections of the Sokoto–Badagry Superhighway project, a major infrastructure initiative aimed at enhancing connectivity across the country.

Reacting to the request, Atiku raised concerns over what he described as the federal government’s continued reliance on external borrowing without sufficient transparency or accountability.

“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.

The former vice-president warned that accumulating fresh debt without a clearly defined repayment strategy could worsen the country’s fiscal position and place additional pressure on future generations.

He urged the government to embrace fiscal discipline, explore alternative funding options, and ensure full disclosure of the terms and implications of the proposed loan to Nigerians.

The Sokoto–Badagry Superhighway, one of the flagship projects of the current administration, is expected to link key economic corridors between the northern and southern regions of the country.

However, concerns surrounding its financing have continued to spark debate among policymakers and economic analysts, particularly against the backdrop of Nigeria’s rising debt profile.