Date: April 24, 2026 l Reporter: Usman Adebayo
Former Vice President Atiku Abubakar and several economic experts have raised concerns over President Bola Ahmed Tinubu’s request for a $516 million external loan, warning that the move could deepen Nigeria’s already growing debt burden.
The loan request, submitted to the National Assembly, is intended to finance sections of the proposed Sokoto–Badagry Superhighway, a major infrastructure project designed to connect Nigeria’s northwestern and southwestern regions.
Atiku criticized the borrowing plan, questioning its timing and transparency. He argued that while infrastructure development is necessary, resorting to additional foreign loans without clear repayment strategies and cost-benefit analysis raises serious concerns about fiscal responsibility.
Economic analysts have echoed similar concerns, pointing out that Nigeria’s rising debt profile could place long-term pressure on the country’s finances. They warn that continued borrowing, especially at a time of economic hardship, may increase the burden on future generations if not properly managed.
Critics also questioned the level of scrutiny given to such borrowing requests, stressing the need for the National Assembly to thoroughly examine the terms, conditions, and long-term implications before granting approval. They argue that borrowing decisions of this scale require transparency and accountability to ensure that funds are effectively utilized.
The proposed loan is expected to be sourced through a syndicated financing arrangement led by an international bank and will support the construction of key sections of the 1,000-kilometre highway project. The government has described the project as a flagship initiative aimed at boosting economic integration, reducing travel time, and improving transportation infrastructure across multiple states.
However, concerns persist over Nigeria’s increasing reliance on borrowing to fund development projects. Observers note that while infrastructure investments are essential, the sustainability of such projects depends on careful financial planning and prudent debt management.
Supporters of the project argue that the highway could unlock economic opportunities, improve trade routes, and enhance connectivity across the country. They maintain that strategic borrowing for infrastructure can drive growth if properly executed.
Despite these arguments, Atiku and other critics insist that the government must prioritize transparency and fiscal discipline, warning against what they describe as a pattern of accumulating debt without sufficient accountability.
As the debate continues, the loan request highlights broader concerns about Nigeria’s economic direction, with stakeholders calling for a balance between development ambitions and sustainable financial management.
The National Assembly is expected to review the proposal in the coming days, with the outcome likely to shape discussions on Nigeria’s borrowing strategy and economic policy moving forward.