By George Omagbemi Sylvester
The African Democratic Congress (ADC) has criticised President Bola Ahmed Tinubu’s £746 million deal with the United Kingdom to refurbish Lagos ports, describing it as a “mugu pact” that primarily benefits Britain while saddling Nigeria with additional debt.
The statement was made public on Monday, March 23, 2026, amid growing debate over the terms of the deal and the financing structure.
Under the arrangement, UK Export Finance (UKEF) is guaranteeing loans from British banks, but at least 20% of all contracts must be sourced from the UK, with £236 million earmarked for British suppliers, including £70 million for British steel; the largest ever export backed by UKEF. The ADC argues that this effectively funnels a significant portion of Nigerian taxpayers’ money back to the UK, while the country assumes the loan’s financial burden.
In its critique, the party warned that Nigeria risks repeating a familiar pattern where foreign loans serve the lender’s industrial and economic interests, rather than genuinely advancing domestic infrastructure.
According to the ADC, while the ports may be modernised, the nation’s debt profile will balloon, and future repayments could divert funds from other critical sectors like healthcare, education, and security.
The statement has reignited broader discussions about sovereignty, fiscal responsibility, and the strategic cost-benefit analysis of foreign loans, prompting calls for greater transparency in international infrastructure agreements.
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