ADC Lawmakers Slam Tinubu Over $516m Loan Request, Warn of ‘Debt Catastrophe’

The African Democratic Congress (ADC) Legislators’ Forum has strongly criticised President Bola Ahmed Tinubu over a fresh request to secure Senate approval for an external loan of $516.3 million, raising concerns about Nigeria’s growing debt burden and fiscal direction.

In a press statement issued on April 23, 2026 and signed by Hon. Uko Ndukwe Nkole, chairman of the ADC National Legislators’ Forum, alongside Hon Nnenna Ukeje-SE, Hon Sergius Ogun-SS
Hon Ajagbe H -SW, Hon Zakari Mohammed -NC, Hon Koko Shehu -NW, Hon Maigari Bello M-NE, the forum described the proposed borrowing linked to the Sokoto–Badagry Super Highway project as “alarming” and indicative of what it called the administration’s “reckless borrowing” approach to economic management.

The group argued that while infrastructure development is essential, the government has failed to provide sufficient transparency on how such loans will be managed or repaid.

According to the lawmakers, the absence of a clear and credible repayment strategy raises questions about long-term sustainability and economic planning.

Nigeria, they noted, is already grappling with a substantial debt load, with a significant portion of national revenue reportedly allocated to debt servicing. The forum warned that continued borrowing without structural reforms could push the country toward a “looming debt catastrophe,” potentially undermining its economic sovereignty.

The ADC legislators also questioned the timing of the loan request, suggesting it comes at a time when the country is approaching another general election cycle. They cautioned that such large-scale financial commitments could be vulnerable to political misuse under the guise of development.

The statement called on the National Assembly of Nigeria, particularly the Senate, to thoroughly scrutinise the loan request rather than act as a “rubber stamp.” Lawmakers urged the chamber to demand full disclosure of project details, including procurement processes, cost-benefit analysis, and repayment plans.

Beyond criticism, the forum urged the Tinubu administration to shift focus toward policies that enhance domestic revenue generation, industrial growth, and job creation. It stressed that borrowing should not replace fiscal discipline, innovation, or accountability in governance.

“Governance is not without consequences,” the statement read, warning that decisions made today could have lasting implications for future generations. The group added that Nigerians would ultimately demand accountability for policies that deepen economic hardship.

On Thursday, Senate President Godswill Akpabio announced a loan request from President Bola Tinubu for Senate approval of $516.3 million from Deutsche Bank to finance the 1,000-kilometre Sokoto-Badagry Superhighway project. The initiative aims to enhance North-South connectivity and economic integration, with a nine-year repayment period including a three-year grace period.

The letter partly read, “Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of US$516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project.

“The inclusion of the said financing in the Federal Government’s borrowing plan, as earlier approved by the National Assembly. The Senate is invited to note that the Sokoto–Badagry Superhighway is a flagship infrastructure initiative under the Renewed Hope Agenda.”

The presidency has yet to issue a formal response to the concerns raised.