TDFormer Vice President and African Democratic Congress (ADC) chieftain, Atiku Abubakar, has strongly criticized the Nigerian Senate for approving President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan in less than four hours.
Atiku described the move as reckless, alarming, and a dangerous precedent for Nigeria’s fiscal future.
Speedy Approval Sparks Outrage
Atiku made the remarks in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu.
He condemned the Senate’s rapid endorsement of the loan request.
The former vice president argued that decisions of such magnitude should never be rushed.
He stressed that the National Assembly’s role is to safeguard the nation’s interests through rigorous debate and oversight.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” Atiku said.
Senate as “Rubber Stamp”
Atiku accused the Senate of reducing itself to a “conveyor belt” for executive requests, rather than functioning as a constitutional safeguard.
He questioned the absence of debate, analysis, and accountability in the approval process.
“Where was the debate? Where was the rigorous analysis? Where was the accountability?” he queried.
Fiscal Concerns and Debt Trajectory
Atiku highlighted Nigeria’s growing debt profile under Tinubu’s administration.
He warned that borrowing to service existing debts and plug budget gaps reflects a dangerous cycle of fiscal mismanagement.
Citing World Bank data, Atiku showed that Nigeria’s exposure to the International Development Association (IDA) had risen to $18.7 billion by February 2026.
Such exposure makes Nigeria one of the largest recipients of concessional loans globally.
He further noted that in March 2026 alone, Tinubu requested an additional $6 billion loan.
Meanwhile, the Debt Management Office pursued aggressive domestic borrowing through bond auctions to meet immediate obligations.
“Mortgaging the Future”
Atiku questioned whether the government was deliberately mortgaging Nigeria’s future.
He suggested that the borrowing spree may be linked to political calculations ahead of the 2027 elections.
“Because that is what it suggests,” he remarked.
“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.
Call for Prudence and Accountability
Atiku emphasized that borrowing is not inherently wrong, but reckless borrowing enabled by legislative complacency is dangerous.
He warned that debt servicing already consumes a significant portion of national revenue, leaving little room for sustainable development.
“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’s statement underscores growing concerns about Nigeria’s fiscal trajectory under President Tinubu’s administration.
With debt levels rising and legislative oversight appearing weakened, the former Vice President called for prudence, transparency, and accountability in managing the nation’s finances.
