The African Democratic Congress has criticised a £746 million agreement signed by President Bola Tinubu during his recent state visit to the United Kingdom, describing it as one that largely benefits the UK while placing Nigeria at a financial disadvantage.

In a statement issued by the party’s National Publicity Secretary, Bolaji Abdullahi, the ADC argued that the deal has been presented as a diplomatic success by the ruling All Progressives Congress but is, in reality, more advantageous to the UK economy.

The party claimed that the arrangement supports British industries and employment while leaving Nigeria with significant repayment obligations. It also called on the Federal Government to disclose full details of the agreement, including interest rates, repayment structure, and any local content requirements.

According to the ADC, the financing is structured through a UK export credit framework that enables foreign buyers to access funding tied to the purchase of UK goods and services. The party explained that a substantial portion of the contracts under the deal would be executed by British firms, including steel supply for port rehabilitation projects.

The opposition party further expressed concern over the level of local participation in the project, raising questions about job creation, skills transfer, project timelines, and opportunities for small and medium-sized enterprises.

It argued that the arrangement appears heavily tilted in favour of the UK, noting that much of the funding is expected to circulate within the British economy through contracted services and supplies.

The ADC warned that without full disclosure and clarity, Nigerians may view the agreement as lacking balance and transparency, especially given the country’s economic challenges.

The party urged the Federal Government to address public concerns by providing comprehensive information on the terms of the deal, insisting that accountability is necessary to justify the agreement’s long-term implications for the nation.