Former Vice President, Atiku Abubakar, has criticised the Senate for allegedly approving a $6bn external loan request by President Bola Ahmed Tinubu within a few hours of its presentation, describing the development as alarming and a threat to fiscal responsibility.
Atiku, a chieftain of the African Democratic Congress, in a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the speed of the approval undermines the constitutional role of the legislature.
According to him, decisions of such magnitude, with far-reaching implications for the country’s economy and future generations, should not be treated with what he termed “reckless urgency.”
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
The former vice president faulted the Senate, accusing it of abandoning its duty as a check on the executive arm and instead acting as a “rubber stamp.”
He said, “The Senate, which ought to serve as a constitutional safeguard, has 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 queried.
Atiku warned that the swift approval of the loan raises concerns about due process and the commitment of lawmakers to their constitutional responsibilities.
He also expressed worries over Nigeria’s growing debt profile, noting that the continued reliance on borrowing to finance budget deficits and service existing debts reflects weak fiscal management.
Citing recent data from the World Bank, Atiku said Nigeria’s exposure to the International Development Association rose to $18.7bn between January and February 2026, placing the country among the largest beneficiaries of concessional loans globally.
He added that the fresh $6bn loan request, alongside ongoing domestic borrowing by the Debt Management Office through bond auctions, indicates what he described as an unsustainable fiscal trajectory.
“Resorting to fresh borrowing to service existing debts and fund routine obligations is not a strategy—it is a dangerous cycle,” he said.
The former vice president further questioned the motive behind the borrowing, suggesting it could mortgage they country’s future if not properly scrutinised.
“At a time when debt servicing gulps a significant portion of national revenue, prudence—not haste—should guide fiscal decisions,” he added.
While acknowledging that borrowing is not inherently wrong, Atiku stressed that “reckless borrowing, enabled by legislative complacency, is dangerous.”
He urged the Senate to uphold its constitutional mandate and ensure transparency and accountability in matters of public finance.
“The future of our nation cannot be signed away in a matter of hours,” he said, warning that history would judge the actions of those involved.
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