‘Stop reckless borrowing’, Atiku tackles Tinubu over fresh $516m highway debt
By Omeiza Ajayi
ABUJA – Former Vice President Atiku Abubakar has fired a broadside at President Bola Tinubu over his request for Senate approval of a fresh $516 million external loan to finance portions of the Sokoto–Badagry Superhighway project, warning that Nigeria must not “borrow blindly” in the name of development.
In a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku acknowledged the necessity of infrastructure development — particularly a project connecting the Northwest to the Southwest — but drew a sharp distinction between noble intentions and reckless fiscal decisions.
“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.
The former Vice President was emphatic that the matter should not be reduced to a regional debate. The people of Northern Nigeria, he argued, like their counterparts across the country, deserve development that is sustainable and transparent — not one mortgaged against their future.
“What Nigerians expect is not just ambitious projects, but responsible financing. Development must not become a euphemism for deepening debt traps that generations yet unborn will be forced to repay,” he said.
Atiku argued that while strategic infrastructure can unlock economic corridors, it must be pursued within the bounds of fiscal discipline, sound prioritisation, and openness — and that borrowing must never substitute for creativity in governance or efficiency in resource management.
On the contracting process, he cited the controversy that trailed the Lagos–Calabar Coastal Highway as a cautionary tale.
“Nigerians have not forgotten the serious questions surrounding the opaque award process of the Lagos-Calabar Coastal Highway — where due process, competitive bidding, and value-for-money considerations were widely called into question. We must not replicate such a troubling precedent,” Atiku warned.
He insisted that the Sokoto–Badagry project must not degenerate into “another exercise in favouritism or insider contracting,” adding that “public infrastructure cannot become a private bazaar for cronies and connected interests.
“Every kobo borrowed in the name of the Nigerian people must be matched with transparency, accountability, and strict adherence to procurement laws,” he said.
Atiku urged the National Assembly to subject the loan request to the highest level of scrutiny and ensure that its terms serve the interests of Nigerians — and that the project delivers measurable economic value.
“Nigeria must build, but Nigeria must not borrow blindly. Progress anchored on opacity and debt accumulation is neither progress nor leadership — it is postponement of crisis,” he said.
