The African Democratic Congress (ADC) Legislators' Forum has expressed concern over President Bola Ahmed Tinubu's request for a $516,333,070 external loan. The proposed loan is intended for the Sokoto–Badagry Super Highway project. In a statement issued Friday in Abuja, the forum warned that the administration's repeated borrowing risks mortgaging the future of coming generations.
The lawmakers questioned the economic rationale behind the new loan, citing the absence of a clear and transparent repayment strategy. They noted that debt servicing already consumes a large share of national revenue. The forum described the government's borrowing pattern as prioritizing debt accumulation over fiscal prudence and domestic revenue generation.
The statement was jointly signed by Hon. Uko Ndukwe Nkole, chairman of the forum, and six ADC geopolitical zonal leaders. The group emphasized that while infrastructure development is important, it must not come at the expense of long-term economic stability.
The ADC lawmakers highlight a contradiction: pushing a $516 million loan for a highway while Nigeria's debt servicing already devours a huge portion of revenue. This borrowing trend means future generations will inherit financial obligations without guaranteed returns. Nigerians named in the statement, including Uko Ndukwe Nkole, now face the reality of defending fiscal restraint in a climate of expanding debt. Their concern rests on the fact that no transparent repayment plan has been presented.
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