ADC Lawmakers Blast Tinubu’s $516.3m Loan Request, Demand Urgent Scrutiny

The President had sought approval for the syndicated loan to fund major sections of the highway, which is one of the flagship projects under his Renewed Hope Agenda. The request was presented in a letter read on the floor of the Senate by Senate President Godswill Akpabio, in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011.

However, the ADC Legislators’ Forum described the move as worrisome, warning against what it called a continued pattern of heavy borrowing without sufficient attention to long-term sustainability and accountability.

In a joint statement signed by its chairman, Hon. Uko Ndukwe Nkole, and other representatives from different geopolitical zones, the forum said it supports infrastructure development but remains concerned about the scale and conditions of the proposed loan.

The lawmakers further argued that the government has not clearly outlined a transparent repayment plan, cautioning that persistent borrowing could deepen Nigeria’s debt challenges.

They also noted that debt servicing already takes up a large portion of national revenue, raising fears about future economic pressure.

The forum questioned the timing of the loan request, pointing out that it comes as the country moves closer to another general election period.

It urged the National Assembly to carry out thorough scrutiny of the proposal, insisting that lawmakers must not merely approve requests but should demand full disclosure of financial details, procurement procedures, and a proper cost-benefit analysis of the project.

The group further advised the Federal Government to focus more on strengthening economic growth, creating jobs, and boosting revenue generation instead of relying heavily on external borrowing.

The ADC lawmakers warned that current fiscal decisions could have long-term consequences for Nigeria’s economy, stressing the need for caution, transparency, and strict financial discipline in governance.