- Safiu Kehinde
The African Democratic Congress (ADC) has condemned President Bola Tinubu’s $516 million fresh loan request as it charged the Senate to demand full disclosure of the project’s financial details.
NPO Reported that Tinubu had yesterday written to the red chamber requesting its approval of the external loan request aimed for the construction of the Sokoto-Badagry Superhighway.
Reacting in a statement issued on Thursday and signed by its National Legislators’ Forum Chairman, Uko Nkole, and other members of the forum, the ADC expressed concern over the fresh loan request.
The opposition party condemned the request as it alleged that the Tinubu-led administration has made reckless borrowing its default economic policy, with little regard for sustainability, accountability, or the wellbeing of future generations.
While acknowledging the need for infrastructural development, the ADC warned of what it labelled looming debt catastrophe considering the huge portion of Nigeria’s revenue that goes to debt servicing annually.
“This government has failed to convincingly demonstrate that its endless appetite for loans is guided by a coherent, transparent, and economically viable repayment strategy.
“Instead, Nigerians are witnessing a troubling pattern; one where debt accumulation is prioritized over prudent fiscal management, innovation, and domestic resource mobilization.
“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue.
“Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe.”It said.
The ADC held that eachnew loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight.
The party also faulted the timing of the loan request in respect to the forthcoming 2027 General Elections which raised concern over the motive behind the loan.
“Even more disturbing is the timing of this request. As the nation inches closer to a major general election cycle, Nigerians are right to question the motives behind this borrowing spree.
“Is this truly about development, or is it another attempt to create avenues for political patronage and electoral advantage?
“History has taught us to be wary of last-minute, large-scale financial commitments made under the guise of national interest.” The statement read further.
The ADC thereafter charged the Senate to rise to its constitutional responsibility of objectively evaluating the request and demanding full disclosure of the project’s financial details, procurement processes, and credible repayment plan amongst others.
“The ADC Legislators’ Forum insists that the National Assembly must not act as a rubber stamp or Pro group of President Bola Ahmed Tinubu in this matter.
“The Senate, in particular, must rise to its constitutional responsibility by demanding full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan. Anything short of this would amount to a betrayal of public trust.” It said.
The ADC urged Tinubu to shift focus towards policies that genuinely strengthen Nigeria’s economy with sustainable growth.
“Furthermore, we call on the administration to redirect its focus toward policies that can genuinely strengthen Nigeria’s economy; policies that promote productivity, industrial growth, job creation, and the plugging of revenue leakages.
“Borrowing should never be a substitute for leadership, creativity, and accountability. We must clearly state that governance is not a free ride without consequences.
“Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come.
“The Nigerian people will demand answers, accountability, and justice for policies that have deepened hardship and mortgaged the nation’s destiny. Nigeria stands at a critical crossroads.
“We can either choose the path of responsibility, discipline, and sustainable growth, or continue down this perilous road of debt dependency and economic vulnerability.
“The Tinubu administration must decide where it stands; but Nigerians are watching, and history will not be kind to those who fail this nation.” The ADC added.