Atiku and economists express concern over Tinubu's $516 million loan request for Sokoto–Badagry Super Highway
via Punch Nigeria4 min read
Former Vice President Atiku Abubakar and economists have voiced concerns regarding President Bola Tinubu’s request for Senate approval of a $516 million external loan. The loan is intended to fund sections of the Sokoto–Badagry Super Highway, a 1,000-kilometer infrastructure project. The President's request, addressed to Senate President Godswill Akpabio, seeks funds from Deutsche Bank for Sections 1, 1A, and 1B of the highway, which will connect Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states. Atiku, through his Senior Special Assistant on Public Communication, Phrank Shaibu, acknowledged the project's importance but warned about increasing debt levels and a lack of transparency in borrowing decisions. He emphasized the need for sustainable and transparent development, cautioning against blind borrowing and urging the National Assembly to scrutinize the loan. Professor Akpan Ekpo, a Professor of Economics and Public Policy at the University of Uyo, highlighted Nigeria's growing reliance on external debt as a concern, noting that the country's revenue profile is shaky and primarily dependent on oil. He suggested exploring alternatives like Public-Private Partnerships, concessions, and Sukuk financing. Conversely, Dr. Ayo Teriba, Chief Executive Officer of Economic Associates, supported the loan, viewing it as appropriate for capital projects that generate long-term value and income opportunities. However, Teriba criticized the exclusion of local banks and advocated f
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This summary was AI-generated from a story originally published by Punch Nigeria.
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