Atiku Abubakar objects to President Tinubu's $516 million loan request for Sokoto–Badagry Superhighway
via Punch Nigeria2 min read
Former Vice President Atiku Abubakar has voiced strong objections to President Bola Tinubu’s request for Senate approval of a new $516 million external loan. The loan is intended to fund sections of the Sokoto–Badagry Superhighway, a project designed to connect Nigeria's North-West and South-West regions. In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, Abubakar acknowledged the importance of infrastructure development but warned against borrowing without adequate safeguards. He emphasized that Nigeria is already burdened by unsustainable debt, and questioned the prudence of another foreign loan without transparent terms, clear cost-benefit analysis, and a credible repayment framework. Abubakar stressed that development must be sustainable and transparent, not leading to deeper debt traps for future generations. He called for fiscal discipline and openness in pursuing large-scale infrastructure, urging that borrowing should not replace innovation or efficient resource management. He also demanded full transparency in the project's award and execution, referencing past controversies like the Lagos-Calabar Coastal Highway. Abubakar urged the National Assembly to rigorously scrutinize the loan request to ensure it serves the national interest, stating that progress based on opacity and debt accumulation is merely a postponement of crisis. President Tinubu's request, addressed to the President of the Senate, Godswill Akpabio, seeks to finance
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This summary was AI-generated from a story originally published by Punch Nigeria.
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