AfriPulse
ABUJA (SUNDIATA POST) – Former Vice President and chieftain of the African Democratic Congress (ADC), Atiku Abubakar, has strongly condemned the rapid approval of a fresh $6 billion external loan request by the Nigerian Senate, describing the process as alarming and a threat to Nigeria’s fiscal future.
In a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku expressed deep concern over reports that lawmakers approved the request from President Bola Ahmed Tinubu in less than four hours after it was presented.
He argued that a decision of such magnitude—one that would significantly increase the country’s debt burden—should not be handled with what he described as “reckless urgency.”
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” Atiku said, warning that the National Assembly risks abandoning its constitutional role as a check on executive power.
The former Vice President criticised the Senate for allegedly acting as a “rubber stamp,” rather than subjecting the loan request to thorough debate, scrutiny, and analysis.
“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,” he said.
Raising a series of pointed questions, Atiku queried the absence of robust legislative engagement: “Where was the debate? Where was the rigorous analysis? Where was the accountability?”
He maintained that borrowing decisions with long-term implications for future generations must not be treated casually, warning that the speed of the approval raises serious concerns about due process and transparency.
Atiku also expressed worries about Nigeria’s broader fiscal direction, cautioning that the growing reliance on borrowing to service existing debts and finance routine government obligations signals deeper structural weaknesses.
“Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations is not a strategy—it is a dangerous cycle,” he said, adding that it reflects poor fiscal discipline and a lack of sustainable economic planning.
Citing data from the World Bank, Atiku noted that Nigeria’s exposure to the International Development Association (IDA) had risen to $18.7 billion as of early 2026, placing the country among the largest recipients of concessional loans globally.
He further pointed to continued domestic borrowing by the government through high-volume bond auctions, referencing the March 2026 Federal Government bond offer circular as evidence of mounting financial pressure.
According to him, the pattern suggests an unsustainable borrowing trajectory that could place Nigeria on a dangerous fiscal path.
The ADC leader also questioned the intent behind the new loan request, suggesting it could reflect deeper political and economic concerns.
“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?” he asked.
Atiku stressed that while borrowing is not inherently problematic, it becomes dangerous when done recklessly and without proper legislative oversight.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said.
He warned that the speed of the Senate’s approval conveys a troubling sense of urgency that undermines confidence in the government’s long-term economic strategy.
“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 added.
Atiku concluded by urging the Senate to reclaim its constitutional role as a check on executive excesses, insisting that Nigerians deserve transparency, accountability, and responsible governance.
He cautioned that history would ultimately judge the actions taken at this critical moment.
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