Former Vice-President Atiku Abubakar has criticised President Bola Tinubu over the approval of a $516 million foreign loan to fund sections of the Sokoto–Badagry superhighway project, describing the move as fiscally reckless.
President Tinubu had written to the National Assembly seeking approval for a $516,333,007 syndicated loan facility to support the construction of sections 1, 1A and 1B of the proposed highway, covering approximately 120 kilometres. The loan is to be sourced through a financing arrangement led by Deutsche Bank and incorporated into the Federal Government’s borrowing plan.
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The request, contained in a letter addressed to Senate President Godswill Akpabio and read during plenary, was subsequently approved by the National Assembly.
Reacting through a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku acknowledged that infrastructure linking the North-West to the South-West is “necessary and desirable,” but warned that good intentions must not override fiscal discipline.
“At a time when Nigeria is already groaning under the weight of unsustainable debt, the resort to yet another foreign loan — without transparent terms, clear cost-benefit analysis, and a credible repayment framework.