ADC Lawmakers Slam Tinubu’s $516m Loan Request, Warn of ‘Debt Trap’

The Legislators’ Forum of the African Democratic Congress (ADC) has strongly criticised President Bola Ahmed Tinubu over a fresh request for Senate approval to secure a $516.3 million external loan, describing the move as reckless and dangerous for Nigeria’s economic future.

In a statement issued on Thursday, the forum said the proposed loan—reportedly tied to the Sokoto–Badagry Super Highway project—reflects what it called the administration’s “default reliance on borrowing” without sufficient transparency or a clear repayment strategy.

Signed by its Chairman, Uko Ndukwe Nkole, the group warned that Nigeria’s rising debt profile, coupled with high debt servicing obligations, is already placing immense strain on national revenue.

According to the ADC lawmakers, the government’s continued resort to external loans risks pushing the country toward what they described as a “looming debt catastrophe,” with future generations left to shoulder the burden.

While acknowledging the importance of infrastructure development, the forum questioned the rationale behind the loan request, asking whether due diligence had been conducted on the project’s financial viability, procurement processes, and long-term economic benefits.

The group also raised concerns about the timing of the loan request, suggesting it could be politically motivated as the country approaches another general election cycle.

“It is imperative that the National Assembly does not act as a rubber stamp,” the statement said, urging the Senate to demand full disclosure of all financial and contractual details tied to the project before granting approval.

The ADC further called on the administration to prioritise alternative economic strategies, including boosting domestic revenue, strengthening industrial growth, and addressing systemic leakages, rather than relying heavily on borrowing.

The forum warned that decisions taken now could have long-term consequences for Nigeria’s economic sovereignty, stressing that accountability would ultimately be demanded by citizens.

Other signatories to the statement include lawmakers such as Nnenna Ukeje, Sergius Ogun, and Zakari Mohammed, among others.

The statement adds to growing debate over the Federal Government’s borrowing plans and the broader sustainability of Nigeria’s debt profile.