Members of the African Democratic Congress (ADC) have criticized President Bola Ahmed Tinubu for trying to get Senate approval for an extra $516.3 million external loan for the Sokoto–Badagry Super Highway project.
The President had asked for permission to get a syndicated loan to pay for important parts of the project, which is a major infrastructure project under his administration’s Renewed Hope Agenda.
Senate President Godswill Akpabio read a letter during plenary that asked for legislative approval in accordance with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011.
The ADC Legislators’ Forum, on the other hand, called the move “alarming” and said that the administration was following a pattern of borrowing too much money without thinking about how it would affect sustainability and accountability.
The forum, which was signed by its chairman, Hon. Uko Ndukwe Nkole, and other leaders from all over the country, said that it supports infrastructure development but is still worried about the cost and terms of these loans.
The lawmakers said that the government still hasn’t made a clear and open plan for paying back the loans, and they warned that borrowing more money could make Nigeria’s debt problems worse.
The forum says that rising debt servicing costs are already taking up a large part of the country’s income, which makes people worry about the economy in the long term.
They also asked why the loan request was made at this time, since it comes just before the country holds another general election.
The forum told the National Assembly to carefully look over the proposal and said that lawmakers shouldn’t just sign off on it; they should also demand full disclosure of the project’s financial details, procurement processes, and cost-benefit analysis.
It also told the Federal Government to focus on policies that encourage economic growth, job creation, and higher tax revenue instead of relying more on borrowing.
The ADC lawmakers said that choices made now could have long-term effects on the country’s economy. They stressed the need for fiscal discipline and accountability in government.
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