By: Manoah Kikekon
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| Atiku Abubakar |
ABUJA, NIGERIA — Former Vice President Atiku Abubakar has launched a scathing critique of President Bola Tinubu’s latest request for a $516 million external loan, warning that Nigeria is being steered into a "precarious debt trap" under the guise of infrastructure development.
The loan, which was formally presented to the National Assembly on Thursday, April 23, 2026, is earmarked to fund critical sections of the ambitious **Sokoto–Badagry Superhighway, a 1,000-kilometre project designed to link Nigeria’s Northwest and Southwest economic corridors.
In a statement released by his spokesman, Phrank Shaibu, the 2023 PDP presidential candidate acknowledged the strategic importance of connecting the two regions but argued that the administration's financing methods lack transparency and sustainability.
“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—raises profound questions about prudence and accountability,” Atiku stated.
He further cautioned that while development is necessary, it must not become a "euphemism for deepening debt traps that generations yet unborn will be forced to repay."
Atiku raised eyebrows regarding the contract award process, specifically citing reports that sections of the highway were handed to **Hitech Construction Company Limited** without a competitive bidding process. He drew a parallel between this project and the controversial Lagos-Calabar Coastal Highway.
“Nigerians have not forgotten the controversy surrounding the Lagos-Calabar Coastal Highway, where due process and competitive bidding were widely questioned. It is therefore deeply troubling that a similar opaque approach appears to be playing out again—this time funded by borrowed money,” the former VP remarked.
He went on to describe the channeling of borrowed funds into contracts awarded to "associates and insiders" as a "betrayal of public trust," insisting that public infrastructure should not be treated as a "private bazaar for cronies."
As the Senate prepares to deliberate on the request for the syndicated loan from Deutsche Bank, Atiku urged lawmakers to move beyond rubber-stamping executive requests and perform rigorous oversight.
Scrutiny: Lawmakers must ensure the loan aligns with long-term economic interests.
Accountability: Every kobo borrowed must be matched with strict adherence to procurement laws.
Sustainability: Borrowing should not replace "creativity in governance."
“Nigeria must build, but Nigeria must not borrow blindly," Atiku concluded. "Progress anchored on opacity and debt accumulation is not leadership it is the postponement of a crisis.”