The African Democratic Congress (ADC) has criticised President Bola Tinubu over a fresh request for a $516 million external loan, describing the move as a continuation of what it called reckless borrowing.
Tinubu had, in a letter addressed to Senate President Godswill Akpabio, and read during Thursday’s plenary, sought approval of $516,333,007 foreign loan to support the construction of sections of the Sokoto-Badagry superhighway project
In a statement issued by Uko Ndukwe Nkole, chairman of the party’s national legislators’ forum, the ADC said the loan request reflects an administration that has made borrowing its “default economic policy”.
The party said the proposed loan, reportedly tied to the Sokoto–Badagry super highway project, raises concerns about fiscal discipline and long-term sustainability.
It argued that while infrastructure development is important, the government has failed to show a clear and credible repayment plan.
“Nigerians are witnessing a troubling pattern where debt accumulation is prioritised over prudent fiscal management,” the statement read.
The ADC said Nigeria is already burdened by rising debt, with a large share of government revenue going into debt servicing.
It warned that continued borrowing without reforms could push the country into what it described as a “looming debt crisis”.
The party also questioned the timing of the loan request, noting that it comes as the country approaches another election cycle.
It urged the national assembly to scrutinise the request and demand full disclosure of project details, procurement processes, and cost-benefit analysis.
“The senate must not act as a rubber stamp,” the statement added.
The ADC called on the government to focus on policies that boost productivity, create jobs, and improve revenue generation instead of relying on loans.
It added that borrowing should not replace what it described as responsible leadership and accountability in managing public finances.
