Former vice-president of Nigeria, Atiku Abubakar, has taken a swipe at the Nigerian Senate for approving President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan.
In a statement issued on Tuesday by his senior special assistant on public communication, Phrank Shaibu, Atiku expressed outrage that the loan request was approved in less than four hours after it was presented to the Senate.
He described the development as a dangerous precedent, warning that decisions with far-reaching implications for the country’s economy and future generations should not be treated with such urgency.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” Atiku said.
He added that the Nigerian Senate, which is constitutionally mandated to serve as a check on the executive arm of government, has instead reduced itself to a mere rubber stamp.
Atiku queried the absence of transparency and scrutiny in the approval process, asking, “Where was the debate? Where was the rigorous analysis? Where was the accountability?”
He warned that approving a multi-billion-dollar loan without visible legislative scrutiny raises serious concerns about due process and the commitment of lawmakers to protecting public interest.
The former Vice President also took aim at the Federal Government’s borrowing strategy, describing it as unsustainable and indicative of deeper structural problems in Nigeria’s fiscal management.
He argued that resorting to new loans to service existing debts and fund routine government obligations reflects a lack of fiscal discipline and long-term economic planning.
Citing recent financial data, Atiku noted that Nigeria’s exposure to concessional loans from the World Bank, particularly under the International Development Association (IDA), had reportedly risen to $18.7 billion as of early 2026, placing the country among the largest beneficiaries globally.
He further pointed to ongoing domestic borrowing by the Debt Management Office (DMO), including high-volume bond issuances, as evidence of what he described as aggressive and unsustainable debt accumulation.
According to him, the Federal Government’s increasing reliance on both external and domestic borrowing is pushing Nigeria toward a precarious fiscal position.
Atiku questioned the rationale behind the fresh $6 billion loan request, suggesting it could signal a broader attempt to mortgage the country’s future.
“What does a government that appears to be preparing for electoral rejection in 2027 intend to do with an additional $6 billion in borrowed funds, on top of the mounting obligations it has already accumulated in just the first quarter of 2026? he asked.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said.
The ADC chieftain added that the speed of the Senate’s approval reflects what he called a troubling sense of desperation within the government, warning that such actions undermine confidence in the country’s economic direction.
“Nigeria is not a private enterprise to be leveraged at will. The future of our nation cannot be signed away in a matter of hours,” he stated.
Atiku called on the Senate to retrace its steps and uphold its constitutional responsibility as a check on executive excesses, insisting that Nigerians deserve transparency, accountability, and responsible governance.
He warned that history would judge both the executive and legislative arms for decisions taken at critical moments such as this.