Atiku Questions Tinubu’s $516m Loan Request
Former Vice President Atiku Abubakar and several economists have raised concerns over President Bola Ahmed Tinubu seeking approval for a $516m external loan.
The request, sent to Senate President Godswill Akpabio and read in plenary in Abuja, is aimed at funding parts of the Sokoto–Badagry Super Highway.
The project spans multiple states and is a key infrastructure plan. Lawmakers are now reviewing the proposal.
Atiku warned that rising debt levels and limited transparency in borrowing decisions could pose risks. He argued that new loans should come with clear repayment plans and strong oversight.
He also cautioned against approving the request without detailed scrutiny. His position adds to growing debate around Nigeria’s borrowing strategy.
Some economists echoed concerns, saying increasing external debt could strain the country’s finances. They noted that weak revenue and reliance on oil income make repayment uncertain.
Alternatives such as public private partnerships and local financing were suggested. The goal, they said, is to reduce dependence on foreign loans.
Others, however, supported the move, saying borrowing for long-term infrastructure can drive growth. They argued that projects like the highway could create jobs and improve connectivity.
The Senate has referred the request for further review. The final decision will depend on legislative approval and ongoing economic debate.
