Former Vice President Atiku Abubakar and several economists have voiced concern over President Bola Tinubu's request for Senate approval of a $516,333,070 external loan to fund parts of the Sokoto–Badagry Super Highway. The loan, to be sourced from Deutsche Bank, targets Sections 1, 1A, and 1B of the 1,000-kilometre highway linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, stretching from Illela to Badagry. The request was formally submitted to Senate President Godswill Akpabio and read during plenary on Thursday. Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, acknowledged the need for infrastructure but warned against borrowing without transparent terms, cost-benefit analysis, or a credible repayment plan. He urged the National Assembly to subject the loan to rigorous scrutiny, cautioning that development should not become a burden on future generations. Economist Prof Akpan Ekpo of the University of Uyo expressed alarm over Nigeria's rising external debt, noting that oil revenue—unstable and beyond government control—cannot reliably service loans. He advocated for Public-Private Partnerships, concessions, and Sukuk financing instead. In contrast, Dr Ayo Teriba, CEO of Economic Associates, supported the loan, citing the 5.3 per cent interest rate as favourable compared to domestic rates and arguing that capital projects create long-term assets.
Atiku criticizes opaque borrowing while backing infrastructure, yet offered no alternative funding model when in power. The $516 million loan request exposes a pattern where major projects rely on foreign debt without verified revenue plans from tolls or domestic financing. Nigerians along the Sokoto–Badagry corridor may face disrupted livelihoods during construction, with no guarantee of timely completion or economic benefit. The debate reveals more about political positioning than solutions for sustainable development.
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