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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Professor Iyabo Obasanjo, former Ogun Central senator and daughter of ex-President Olusegun Obasanjo, has resigned from the All Progressives Congress APC. Her resignation, announced in a letter dated May 31 to the state APC Chairman, Chief Yemi Sanusi, stems from alleged persistent disrespect, rejection, and unfair treatment by the party's leadership in Ogun State. Obasanjo, who recently sought the APC governorship ticket in Ogun State, criticized the consensus process that led to Senator Solomon Adeola's emergence as the party's governorship candidate, describing it as inconsistent with APC guidelines. She stated that despite her pledge to abide by any consensus arrangement, she was not consulted or involved in the process. She also alleged that her supporters were prevented from entering the venue where the candidate was unveiled and were intimidated. Although she accepted the party's decision for unity and publicly congratulated Adeola, she noted that a subsequent meeting with Adeola and her supporters, where three requests were made, yielded no response after more than two months. Obasanjo, an Associate Professor of Epidemiology based in the United States, returned to active politics earlier this year, registering as an APC member in Ward 11, Ibogun, Ifo Local Government Area of Ogun State. She previously served as Ogun State Commissioner for Health from 2003 to 2007 and represented Ogun Central in the Senate from 2007 to 2011. She expressed appreciation to President Bola
Senate President Godswill Akpabio called on Nigerians to continue praying for the exposure of those sponsoring terrorism, speaking at an Inter-Denominational Church Service for Democracy Day in Abuja. Akpabio reflected on his time as Akwa Ibom State governor, where he initiated monthly prayer sessions to combat kidnapping, militancy, and killings. He emphasized that Nigeria has overcome past crises, including political upheavals, economic turbulence, pandemics like Ebola and COVID-19, and insurgencies, highlighting 27 years of uninterrupted democratic governance. Akpabio acknowledged the widespread pain caused by insecurity, including kidnappings and violent attacks, and called for national resilience. He shared his personal anguish from the Nigerian civil war, relating it to the trauma faced by families affected by current insecurity. Akpabio assured Nigerians of President Bola Tinubu's administration's commitment to ending insecurity, restoring peace, and securing the release of all captives. Secretary to the Government of the Federation, George Akume, also stated the federal government's efforts to ease economic hardship and enhance security measures.
Must ReadNigeria's trade sector attracted $65.79 million in foreign capital during the first quarter of 2026, marking a 91.31 percent increase from the $34.39 million recorded in the same period of 2025. This growth indicates renewed investor confidence in commercial activities and cross-border trade, despite the figure being lower than the $80.94 million in Q3 2025 and $119.21 million in Q4 2025. The National Bureau of Statistics reported that trade was the largest contributor to Nigeria's Gross Domestic Product in Q1 2026, accounting for 17.89 percent of total output. Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, attributed this to improved exchange rate stability, better FX liquidity, easing inflationary pressures, and recovering business confidence. However, Yusuf cautioned that sustainable economic transformation requires stronger productive capacity and industrialization. Industry experts anticipate trade will play a growing role in driving growth across Nigeria and Africa, particularly with the African Continental Free Trade Area. Bowale Adeoye, Chief Executive Officer of Seedtree Capital, highlighted innovations in trade finance and logistics, such as the Pan-African Payment and Settlement System, which reduce transaction costs and address Africa's trade finance gap. She also emphasized the importance of cold-chain infrastructure and localization for competitiveness. Ijeoma Ezenwa, Chief Executive Officer of NAHCO Commodities Li