Atiku Faults Tinubu Over $516m Loan Request

Atiku Abubakar has cautioned President Bola Tinubu against further external borrowing. The former Vice President labelled the government’s latest $516 million loan request as reckless. The administration seeks these funds to support the Sokoto-Badagry superhighway project. This proposal currently awaits Senate approval. Atiku argues the government lacks a transparent repayment framework for such debt.

The loan will originate from Deutsche Bank AG. It carries a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit. The federal government also pledges over N265 billion in counterpart funding for land acquisition and infrastructure. Proponents in the Senate argue the project is essential for economic growth. They describe the highway as a vital corridor for national productivity.

Atiku maintains that project ambition does not excuse fiscal imprudence. He pointed to alleged transparency issues surrounding the Lagos-Calabar coastal highway project as a warning. The former Vice President demands a clear cost-benefit analysis before any new debt is incurred. He believes the current debt burden is already unsustainable for the nation. Accumulating further liabilities creates a trap for future generations.

The Senate has referred the request to its Committee on Local and Foreign Debts. Lawmakers expect a report within one week. The upper chamber aligns with the executive’s push for expedited passage. They contend that borrowing for critical infrastructure remains a sound economic strategy. The debate highlights a deep divide over the nation’s fiscal trajectory.

Leadership, according to Atiku, requires more than building roads. He insists that every borrowed kobo must face strict public scrutiny. Progress built on opacity and mounting debt invites a future crisis. Nigerians now await the committee’s findings to see if these concerns hold weight. The government faces pressure to prove the value of its borrowing plans.