The African Democratic Congress (ADC) Legislators’ Forum has urged the Federal Government to shift focus toward policies that strengthen the economy, boost productivity, drive industrial growth, and curb revenue leakages, instead of increasing external borrowing.
The group reacted to President Bola Tinubu’s request seeking Senate approval for an additional $516 million external loan for the Sokoto–Badagry Super Highway Project, describing it as “alarming” and reflective of what it called a continued reliance on debt to fund development.
In a statement issued by the Chairman of the ADC National Legislators’ Forum, Dr. Uko Nkole, and signed by representatives from across Nigeria’s geopolitical zones including Nnenna Ukeje, Sergius Ogun, H. Ajagbe, Zakari Mohammed, Koko Shehu, and Maigari Bello, the lawmakers said the administration’s borrowing pattern raises serious concerns about fiscal sustainability.
Titled “$516 Million Loan Request: Tinubu’s Borrowing Binge and the Mortgaging of Nigeria’s Future,” the statement described the request as “alarming,” warning that it reflects a governance approach heavily dependent on loans without clear long-term economic justification.
“This request is not only alarming but emblematic of an administration that has made reckless borrowing its default economic policy, with little regard for sustainability, accountability, or the wellbeing of future generations,” the forum said.
While acknowledging the importance of infrastructure development, the lawmakers questioned the cost, structure, and repayment conditions attached to the proposed loan.
They argued that government must demonstrate a clear, transparent, and economically viable repayment strategy before committing to further external obligations.
They also expressed concern over Nigeria’s rising debt profile, warning that the country’s increasing debt servicing obligations already consume a significant portion of national revenue, placing pressure on public finances.
“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 administration continues to plunge the country deeper into a looming debt crisis,” the statement added.
The forum also raised questions about the timing of the loan request, noting that it comes ahead of an upcoming general election cycle.
It suggested that Nigerians deserve clarity on whether the borrowing is strictly for development purposes or influenced by political considerations.
“Is this truly about development, or is it another attempt to create avenues for political patronage?” the lawmakers asked.
They called on the National Assembly, particularly the Senate, to subject the request to rigorous scrutiny, insisting on full disclosure of project financing details, procurement processes, cost-benefit analysis, and repayment plans.
“The Senate must not act as a rubber stamp. Anything short of full transparency would amount to a betrayal of public trust,” the forum warned.
The lawmakers further urged the government to prioritise policies that strengthen domestic production, create jobs, expand industrial capacity, and improve revenue generation, arguing that borrowing should not substitute for effective leadership and economic reform.
“Borrowing should never be a substitute for leadership, creativity, and accountability,” the statement stressed.
They warned that Nigeria is facing a critical economic crossroads, where continued reliance on debt could deepen vulnerability, while fiscal discipline and reform could place the country on a path to sustainable growth.
