The African Democratic Congress (ADC) has criticised the £746 million agreement signed between Nigeria and the United Kingdom during President Bola Ahmed Tinubu’s recent state visit to London, describing it as a “mugu deal” that benefits the UK more than Nigeria.
In a statement issued by the party’s National Publicity Secretary, Bolaji Abdullahi, the ADC argued that the agreement largely supports the UK’s economy and industries while leaving Nigeria with a significant debt burden.
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According to the party, the Federal Government presented the agreement as a diplomatic success, but it is actually a commercial loan arrangement with conditions that ensure a large part of the money goes back to British companies.
The deal is intended to support the rehabilitation of the Tin Can and Apapa Ports in Lagos.
ADC said the agreement will be implemented through the UK Export Finance (UKEF) Buyer Credit Facility, arranged by Citibank’s London branch.
Under the arrangement:
• £236 million worth of supplier contracts will reportedly go to British companies
• British Steel will supply 120,000 tonnes of steel billets under a £70 million contract
• The financing allows Nigeria to borrow funds to purchase UK goods and services
According to the ADC, this means the funds are effectively paid directly to UK exporters, while Nigeria is responsible for repaying the loan.
The opposition party has called on the Federal Government to release full details of the agreement, including:
• Interest rates on the loan
• Repayment duration
• Local content participation
• Job creation for Nigerians
• Skills transfer and training opportunities
• Limits on expatriate staff working on the project
The ADC argued that Nigerians deserve to know how the deal will benefit the country.
The party said it is worried that Nigeria may have entered into an agreement that puts the country at a disadvantage, especially at a time when many citizens are facing economic hardship.
It added that without transparency, Nigerians may see the agreement as similar to colonial-era economic arrangements, where foreign countries benefit more from local resources and projects.
In a related development, the ADC chapters in Lagos and Zamfara States have distanced themselves from a court case filed against the leadership of Senator David Mark.
Both chapters reaffirmed their loyalty to the current leadership, expressing confidence that the party can position itself strongly ahead of the 2027 general elections.