The African Democratic Congress has sharply criticised the 746 million pound agreement that President Bola Tinubu signed with the United Kingdom during his recent state visit to London.
The party described the deal as one that puts Nigeria back into the old colonial times because it mostly benefits Britain and leaves Nigeria with heavy debt.
The agreement is meant to help rebuild and modernise the Apapa and Tin Can Island ports in Lagos. It is a commercial loan backed by UK Export Finance and arranged through Citibank in London. The money will pay for new equipment and upgrades at the two busy ports.
But the ADC says the way the deal is structured means a big part of the cash will go straight back to British companies. For example at least 236 million pounds worth of contracts will be given to UK firms including British Steel which will supply materials. This setup helps save jobs in the UK steel industry and boosts the British economy while Nigeria has to repay the full loan with interest.
In a strong statement signed by its National Publicity Secretary Bolaji Abdullahi the ADC said the deal is heavily tilted in favour of the UK which already sells far more to Nigeria than it buys from us. The party called it a mugu deal meaning Nigeria is being fooled into paying for British gains.
The ADC added that although the government is presenting the agreement as a big success for President Tinubu it is actually a success for the UK government. Nigeria is simply borrowing money so that British companies can do the work and take the profit home.
The opposition party demanded full transparency from the government. They want clear answers on the exact interest rate how long Nigeria will repay the loan what percentage of the work must go to local Nigerian companies and all other conditions attached to the loan.
If the government cannot provide these details openly the ADC said Nigerians are right to conclude that 66 years after independence President Tinubu went to London and signed something that looks like a colonial era treaty. It risks mortgaging the future of the country for very little real benefit and just for show.
The ruling All Progressives Congress has not yet given a detailed response to the ADC criticism. The government has described the port upgrade as an important step to improve trade make cargo clearing faster and position Nigeria better in the global economy.
This latest attack from the ADC adds to the growing voices of opposition leaders who are questioning many actions of the Tinubu administration especially as political activities heat up towards the 2027 elections. The party warned that deals like this could leave ordinary Nigerians poorer while foreign countries gain the most.
Many people are now watching to see if the government will release full details of the agreement or continue to defend it as a win for Nigeria. The debate has brought fresh attention to how the country handles big foreign loans and whether they truly serve the interest of Nigerians first.
