Atiku and Economists Critique Tinubu's $516M Loan Request

Former Vice President Atiku Abubakar and various economists have raised concerns regarding President Bola Tinubu's request for Senate approval of a $516 million external loan intended to finance part of the 1,000-kilometer Sokoto-Badagry superhighway project. The request was formally presented to the Senate by Godswill Akpabio during a plenary session on Thursday.

Atiku, through his Senior Special Assistant on Public Communication, Frank Shaibu, emphasized the importance of the project but cautioned against increasing Nigeria's debt levels without transparency and a clear cost-benefit analysis. He warned that the country is already burdened by unsustainable debt and urged the National Assembly to scrutinize the loan request rigorously.

Economists like Prof. Akpan Ekpo expressed concerns about Nigeria's reliance on external borrowing, while Dr. Ayo Teriba supported the loan for its potential long-term benefits, highlighting the need for local banks to be involved in funding such projects.