The African Democratic Congress (ADC) Legislators’ Forum has raised concerns over the move by President Bola Ahmed Tinubu to secure Senate’s approval for a fresh external loan of $516,333,070.
The president had in the request explained that the facility was intended for the Sokoto–Badagry Super Highway project.
But the forum in a statement on Friday in Abuja, described the multiple loans being acquired by the administration as akin to mortgaging Nigeria’s future generations.
“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,” it said.
Jointly signed by its chairman, Hon. Uko Ndukwe Nkole and six of its geopolitical zonal leaders, the group stressed that Nigeria was already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue.
“Each new loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight,” it added.