The African Democratic Congress (ADC) Legislators’ Forum has launched a scathing attack on President Bola Ahmed Tinubu over his request for Senate approval of a $516.3 million external loan, warning that Nigeria risks sliding deeper into a dangerous cycle of debt dependency.
In a strongly worded statement released Thursday, the opposition lawmakers described the proposed borrowing—tied to the Sokoto–Badagry Super Highway project—as part of what they called a “reckless borrowing binge” that threatens the nation’s economic future.
The forum argued that while infrastructure development is vital, the Tinubu administration has failed to provide a clear, transparent, and sustainable repayment strategy, raising concerns about mounting debt and fiscal irresponsibility.
“Nigeria is already groaning under a heavy debt burden, with debt servicing consuming a significant share of national revenue,” the statement read. “Yet the government continues to pile on loans without credible plans for repayment.”
The lawmakers also questioned the timing of the loan request, hinting at possible political motives as the country edges toward another election cycle.
They warned against what they described as “last-minute financial commitments” that could be used for patronage rather than genuine development.
The ADC caucus urged the National Assembly—particularly the Senate—to resist acting as a rubber stamp and instead demand full disclosure on the project, including cost breakdowns, procurement details, and a comprehensive cost-benefit analysis.
Calling for a shift in economic strategy, the forum advised the federal government to prioritize policies that drive productivity, industrial growth, and revenue generation rather than relying heavily on external borrowing.
They further cautioned that decisions taken today could have lasting consequences, stressing that Nigerians will ultimately hold leaders accountable for policies that deepen hardship and mortgage the country’s future.
The statement was signed by Hon. Uko Ndukwe Nkole, Chairman of the ADC National Legislators’ Forum, alongside other regional representatives.
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