ADC Criticizes Tinubu's $516M Loan for Highway Project

The African Democratic Congress (ADC) has condemned President Bola Tinubu's request for a $516 million loan to finance part of the Sokoto–Badagry super highway project. The ADC's National Legislative Forum, led by Chairman Uko Nkole, issued a statement on Thursday expressing concerns about the implications of increasing Nigeria's debt burden.

They criticized the administration for what they termed "reckless borrowing" and highlighted the lack of a clear repayment strategy, warning that the country's heavy debt load could lead to a debt catastrophe that undermines economic sovereignty. The ADC questioned whether the loan request was driven by genuine developmental needs or political considerations ahead of the upcoming electoral cycle.

They called for full disclosure of financial details, including a cost-benefit analysis and a credible repayment plan. The loan request, which was submitted to the Senate for approval, is intended to support the construction of a 1,000-kilometer stretch of the highway, which spans several states and is expected to be financed by Deutsche Bank.