The African Democratic Congress (ADC) National Legislators’ Forum has strongly criticized President Bola Tinubu over his request for Senate approval of a $516 million external loan, describing it as part of a troubling pattern of excessive borrowing that could jeopardize Nigeria’s economic future.
In a press statement issued on April 23, 2026, and signed by its chairman, Uko Ndukwe Nkole, alongside other lawmakers across Nigeria’s geopolitical zones, the forum accused the administration of pursuing what it termed a “borrowing binge” without sufficient regard for fiscal sustainability or transparency.
The loan request, which is before the Nigerian Senate, is intended to finance aspects of the proposed Sokoto–Badagry Super Highway project, a major infrastructure initiative aimed at connecting Nigeria’s northwest to its southwestern coast.
While acknowledging the importance of infrastructure development, the ADC lawmakers questioned the rationale behind continued borrowing, especially in light of Nigeria’s existing debt burden. They argued that the government has failed to provide a clear and credible repayment strategy, raising concerns about long-term economic implications.
“Rather than prioritizing prudent fiscal management, this administration appears to be deepening the nation’s exposure to debt without adequate safeguards,” the statement read in part.
The lawmakers warned that Nigeria’s rising debt profile could constrain future economic growth, noting that a significant portion of national revenue is already being allocated to debt servicing. They described the trend as unsustainable and potentially damaging to the country’s economic sovereignty.
The forum also raised concerns about the timing of the loan request, suggesting that it could be politically motivated as the country gradually approaches the next general election cycle. They called on lawmakers to exercise caution and ensure that any borrowing is subjected to rigorous scrutiny.
Specifically, the ADC urged the Senate to demand full disclosure of the financial details surrounding the project, including procurement processes, cost-benefit analysis, and the terms of the loan agreement. They emphasized that the legislature must fulfill its constitutional role as a check on executive power.
“The National Assembly must not act as a rubber stamp,” the statement stressed, calling for transparency and accountability in all borrowing decisions.
Beyond criticism, the lawmakers proposed alternative approaches to economic management, urging the government to focus on policies that promote productivity, industrial growth, and domestic revenue generation. They argued that borrowing should not replace innovation, efficiency, or sound economic planning.
The statement also carried a broader warning about governance and accountability, asserting that decisions taken today will have lasting consequences for future generations. It urged the government to adopt a more disciplined approach to fiscal policy in order to safeguard the country’s economic stability.
The Tinubu administration has consistently defended its borrowing strategy, maintaining that external loans are necessary to finance critical infrastructure projects that can drive economic growth and development. Government officials argue that such investments are essential for addressing Nigeria’s infrastructure deficit and improving long-term productivity.
However, the ADC’s latest statement underscores growing opposition concerns over the country’s fiscal direction, highlighting a widening debate about the balance between development financing and debt sustainability.
As deliberations continue in the Senate, the issue is expected to remain at the forefront of national discourse, with both government and opposition voices shaping the conversation on Nigeria’s economic future.
