Atiku Abubakar, former vice-president, has criticised the Senate for approving President Bola Tinubu’s $6 billion external loan request within hours of its presentation.
ALO360 reported on Tuesday that the Senate, during plenary, okayed Tinubu’s request for additional external borrowings.
In a statement on Tuesday, Phrank Shaibu, senior special assistant to Atiku on public communication, said the former vice-president described the development as alarming and indicative of weak legislative oversight.
Atiku said a decision of such national importance should not be treated with what he called “reckless urgency”.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
He argued that the national assembly is expected to scrutinise executive proposals and protect public interest, rather than act as a rubber stamp.
“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.
Atiku questioned the absence of debate and detailed scrutiny before the approval.
“Where was the debate? Where was the rigorous analysis? Where was the accountability?” he asked.
He warned that approving a multi-billion-dollar loan without visible scrutiny raises concerns about due process and the legislature’s commitment to its constitutional duty.
The former vice-president also criticised the federal government’s reliance on borrowing to fund routine obligations.
“Resorting to fresh borrowing to service existing debts and plug budget gaps is not a strategy—it is a dangerous cycle,” he said.
He cited data from the World Bank showing that Nigeria’s exposure to the International Development Association (IDA) rose to $18.7 billion between January and February 2026.
Atiku said the continued borrowing, alongside domestic debt issuance, reflects an unsustainable fiscal path.
He questioned the purpose of the new loan, suggesting it could further burden the country’s future.
“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.
Atiku urged the senate to uphold its constitutional role as a check on executive powers and ensure transparency and accountability in fiscal decisions.
He added that history would judge the actions of both the executive and the legislature.
