ADC lawmakers slam Tinubu’s $516m loan request, warn of mounting debt crisis as public debt tops ₦146.69trn

Politics

ABUJA, Nigeria (NPA) — The African Democratic Congress (ADC) Legislators’ Forum has strongly condemned President Bola Ahmed Tinubu’s request for Senate approval of a $516 million external loan for the Sokoto–Badagry Super Highway project, describing it as reckless borrowing that endangers Nigeria’s future.

In a statement signed by Hon. Uko Ndukwe Nkole, Chairman of the ADC National Legislators’ Forum, and co-signed by six other lawmakers representing different geopolitical zones, the Forum accused the administration of making borrowing its default economic policy without presenting a transparent or sustainable repayment strategy.

While acknowledging the importance of infrastructure development, the lawmakers questioned the timing and motives behind the loan request, particularly as Nigeria approaches another election cycle. They warned that the move could be a ploy to create avenues for political patronage rather than genuine development.

“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,” the statement read.

The Forum urged the National Assembly not to act as a “rubber stamp” for the executive, insisting that the Senate must demand full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan before granting approval.

They further called on the government to redirect its focus toward policies that strengthen productivity, industrial growth, job creation, and plugging revenue leakages, stressing that borrowing should not substitute for leadership and accountability.

“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 Forum warned.

The ADC lawmakers concluded that Nigeria stands at a critical crossroads, urging the Tinubu administration to choose responsibility and sustainable growth over debt dependency and economic vulnerability.

Nigeria’s total public debt has surpassed $100 billion (₦146.69 trillion as of end-2025) and is projected to rise to ₦155.1 trillion in 2026 following new loan approvals, with debt servicing costs expected to reach ₦15.52 trillion this year — a level experts warn is unsustainable.