Former Vice-President Atiku Abubakar has expressed significant reservations regarding the request for Senate approval of an additional $516 million external loan sought by Bola Ahmed Tinubu to facilitate sections of the Sokoto–Badagry Superhighway.
In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Abubakar acknowledged the importance of infrastructure development, particularly projects aiming to connect Nigeria's Northwest and Southwest regions, for national integration and economic growth. He stressed that such noble objectives should not be pursued through financially reckless 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,” Abubakar stated.
He emphasized that this issue transcends regional politics and should not be perceived as such.
"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 added.
The former Vice President further commented that while crucial infrastructure can stimulate economic activity, its development must be balanced with fiscal discipline, strategic prioritization, and operational transparency.
"Borrowing must never replace creativity in governance or efficiency in resource management."
Abubakar also raised serious concerns about the reported awarding of the Sokoto–Badagry project to Hitech Construction Company Limited without a transparent and competitive bidding process.
He identified this as a disturbing recurrence of patterns previously seen with the Lagos-Calabar Coastal Highway.
"Nigerians have not forgotten the controversy surrounding the Lagos-Calabar Coastal Highway, where due process and competitive bidding were widely questioned. It is therefore deeply troubling that a similar opaque approach appears to be playing out again—this time funded by borrowed money,” Abubakar warned.
He questioned the rationale and ethical implications of borrowing public funds for projects allegedly channeled to cronies without adhering to due process.
"What manner of leadership takes loans in the name of the Nigerian people, only to channel those resources into contracts awarded without transparency to associates and insiders? This is not governance—it is a betrayal of public trust,” he stated.
He insisted that the Sokoto–Badagry project should not be compromised by favouritism or insider contracting.
"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 added.
He urged the National Assembly to thoroughly scrutinize the loan request, ensuring that its terms serve Nigeria's best interests and that the project delivers tangible economic benefits.
"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,” Abubakar concluded.
Comments (0)
You must be logged in to comment.
Be the first to comment on this article!