Former Vice President Atiku Abubakar has the Senate’s approval of President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan a few hours after its presentation.
Atiku, in a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, described the development as not just troubling but alarming.
He noted that a decision of such profound national consequence, “one that will further burden an already strained economy and mortgage the future of generations yet unborn, cannot be treated with such reckless urgency.”
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” Atiku said.
Atiku stressed that the National Assembly is not designed to function as a mere rubber stamp but as a constitutional safeguard meant to interrogate, scrutinise, and protect the interests of the Nigerian people.
The former vice president stated: “The Senate, which ought to serve as a constitutional safeguard, has instead reduced itself to a conveyor belt—processing requests of grave national consequence without due diligence.
“Where was the debate? Where was the rigorous analysis? Where was the accountability?”
He warned that approving a multi-billion-dollar borrowing request in record time, without visible scrutiny, raises serious questions about due process and the commitment of the legislature to its constitutional duty.
While these objectives may appear routine on the surface, Atiku warned that they expose deeper structural weaknesses in the nation’s fiscal management.
“Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations is not a strategy — it is a dangerous cycle. It reflects a troubling absence of fiscal discipline, clear prioritisation, and sustainable economic planning,” Atiku said.
He further anchored his concerns on emerging fiscal indicators, noting that between January and February 2026, the World Bank reported that Nigeria’s exposure to the International Development Association (IDA) had risen to $18.7 billion — placing the country among the largest recipients of concessional loans globally.
Tinubu seeks Senate approval to borrow $6bn for debt repayment, port upgrades
“In March 2026 alone, the President is requesting an additional $6 billion external loan, even as the Debt Management Office continues aggressive domestic borrowing through high-volume bond auctions, as evidenced by the March 2026 FGN Bond Offer Circular, largely to finance immediate government obligations and service existing debt,” Atiku added.
The chieftain of the African Democratic Congress (ADC) further questioned whether the development signals a deliberate attempt to mortgage the future of the country.
Atiku said: “Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous.
“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.”
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