Former Vice President and chieftain of the African Democratic Congress, Atiku Abubakar has expressed deep concern over the quick approval of President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan.
Recall that the loan was approved within a record time—reportedly less than four hours after its presentation at the Senate on Tuesday.
Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, questioned the reckless urgency with which it was approved without debate or analysis.
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,” 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 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.
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,” 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.
According to Atiku, this pattern reflects an unsustainable borrowing trajectory that places the country on a dangerous fiscal path.
The former Vice President further questioned whether the development signals a deliberate attempt to mortgage the future of the country.“Because that is what it suggests,” he added.
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 stated.
Atiku called on the Senate to remember its constitutional role as a check on executive excesses, not an extension of it, insisting that Nigerians deserve transparency, accountability, and responsible governance.
He concluded by noting that history will record this moment—and the choices made.
