By Moses Okorie
The African Democratic Congress (ADC) Legislators’ Forum has strongly condemned the latest move by President Bola Tinubu to secure Senate approval for an additional external loan of $516,333,070, ostensibly for the Sokoto–Badagry Super Highway project, saying this request is not only alarming but emblematic of an administration that has made reckless borrowing its default economic policy, with little regard for sustainability, accountability, or the wellbeing of future generations.
According to a statement signed and issued in Abuja on Thursday by its Chairman, Hon. Uko Ndukwe Nkole in conjunction with Hon Nnenna Ukeje (South East), Hon Sergius Ogun (South South), Hon Ajagbe H (South West), Hon Zakari Mohammed (North Central), Hon Koko Shehu (North West), and Hon Maigari Bello M (North East), the Forum said the government of President Tinubu has failed to convince Nigerians on its endless appetite for loans.
“While no responsible opposition undermines the importance of infrastructure development, we must ask: at what cost, and under what conditions? This government has failed to convincingly demonstrate that its endless appetite for loans is guided by a coherent, transparent, and economically viable repayment strategy. Instead, Nigerians are witnessing a troubling pattern; one where debt accumulation is prioritized over prudent fiscal management, innovation, and domestic resource mobilization.
“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue. Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe. Each new loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight.
“Even more disturbing is the timing of this request. As the nation inches closer to a major general election cycle, Nigerians are right to question the motives behind this borrowing spree. Is this truly about development, or is it another attempt to create avenues for political patronage and electoral advantage? History has taught us to be wary of last-minute, large-scale financial commitments made under the guise of national interest”, the Forum lamented.
The ADC Legislators’ Forum insisted that the National Assembly must not act as a rubber-stamp or Pro group of President Bola Tinubu in this matter, urging the Senate, in particular, to rise to its constitutional responsibility by demanding full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan as anything short of this would amount to a betrayal of public trust.
“We call on the administration to redirect its focus toward policies that can genuinely strengthen Nigeria’s economy; policies that promote productivity, industrial growth, job creation, and the plugging of revenue leakages. Borrowing should never be a substitute for leadership, creativity, and accountability.
“We must clearly state that governance is not a free ride without consequences. Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come. The Nigerian people will demand answers, accountability, and justice for policies that have deepened hardship and mortgaged the nation’s destiny”.
The opposition lawmakers said Nigeria stands at a critical crossroads; can either choose the path of responsibility, discipline, and sustainable growth, or continue down this perilous road of debt dependency and economic vulnerability.
“The Tinubu administration must decide where it stands; but Nigerians are watching, and history will not be kind to those who fail this nation”, the Forum stated.