Akpabio backs Tinubu’s $516m loan request, says ‘borrowing key for infrastructure growth’

Godswill Akpabio, the Senate President, has come out strongly to defend President Bola Tinubu’s request for a loan worth $516 million to finance the construction of the Sokoto-Badagry Superhighway.

In his address to the Senate, Godswill Akpabio stated that there was no reason to demonize loans in general, considering the transformative nature of the project being proposed, which can change the economic face of the nation and improve the welfare of its citizens.

According to him, the proposed superhighway, an initiative by the government of Bola Tinubu, will play a crucial role in improving transportation within the nation.

As he explained, the project was an essential long-term strategic investment, noting that infrastructure development would continue to play a vital role in realizing the country’s full economic capacity.

“Leveraging loans when well-managed and invested in productive sectors will produce gains that will exceed the cost of borrowing,” he added.

The President Tinubu letter addressed to the legislature on the loan approval request aimed at financing the construction of the highway connecting Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states.

Nevertheless, the loan proposal has not been spared from criticisms, especially on Nigeria’s increasing debt stock amid its borrowing strategy.