By John Ogunsemore
Former Vice President Atiku Abubakar has slammed the Senate for speedily approving President Bola Tinubu’s request for a fresh $6 billion external loan.
Atiku, in a Tuesday statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, said reports that the Red Chamber approved the request within record time, reportedly less than four hours after its presentation, were deeply concerning.
Daily Sun earlier reported that the Godswill Akpabio-led Senate on Tuesday approved Tinubu’s request to borrow $5 billion from Abu Dhabi Bank and $1 billion loan facility from UK Export Finance through Citibank in London.
The government said the first facility would help support budget deficit financing and meet existing debt obligations while the second would fund the rehabilitation of critical port infrastructure.
Reacting, Atiku noted that a decision of such profound national consequence, one that will further burden an already strained economy and possibly mortgage the future of generations yet unborn, could not be treated with such reckless urgency.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
He 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 African Democratic Congress (ADC) chieftain said, “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. Borrowing decisions that will bind generations yet unborn cannot, and must not, be treated with this level of casual urgency.”
“Where was the debate? Where was the rigorous analysis? Where was the accountability?” Atiku queried.
Atiku 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, he stated, 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,” he 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.
“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,” he added.
Atiku stressed that this pattern reflects an unsustainable borrowing trajectory that places the country on a dangerous fiscal path.
The ex-VP further questioned whether the development signals a deliberate attempt to mortgage the future of the country.
“Because that is what it suggests,” he added.
He stated, “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?”
Atiku emphasised that at a time when Nigeria’s debt profile continues to rise and debt servicing consumes a significant portion of national revenue, prudence—not haste—should guide fiscal decisions.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said.
He added that the speed of the approval suggests a troubling sense of desperation—one that does not inspire confidence in the long-term economic direction of the country.
“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 said.
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