Atiku Reacts As Tinubu Seeks Approval For New Multi-Million Dollar Loan

President Tinubu had written to the Senate seeking approval for a $516.3 million syndicated loan from Deutsche Bank AG, which is to be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit. The funds are intended to support the Sokoto–Badagry Superhighway project.

In addition, the Federal Government is expected to contribute over ₦265.5 billion as counterpart funding for land acquisition, compensation, and related infrastructure. The proposed 1,000-kilometre highway is expected to link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States, forming a major economic corridor from Illela to Badagry.

Senate President Godswill Akpabio backed the project, describing it as a potential economic game changer and noting that borrowing for critical infrastructure can be justified when it delivers long-term national benefits.

Atiku warns against “reckless borrowing”

Reacting through a statement issued by his aide, Phrank Shaibu, Atiku cautioned that Nigeria should not continue accumulating debt without transparency and proper accountability.

He argued that the country is already under significant debt pressure and questioned the rationale behind additional foreign borrowing at this time.

Atiku also raised concerns about transparency in major infrastructure projects, referencing past controversies and warning against repeating what he described as “opaque” procurement processes.

He insisted that any borrowing must comply strictly with procurement laws and be tied to clear accountability mechanisms.

According to him, Nigeria must pursue development, but not through unchecked debt accumulation, warning that such practices could worsen future economic challenges.

Following the President’s request, the Senate has referred the proposal to its Committee on Local and Foreign Debts for further scrutiny, with a report expected within one week.