Former Vice President Atiku Abubakar has condemned the rapid approval of a $6 billion external loan request by President Bola Ahmed Tinubu, describing the process as marked by “reckless urgency.”
Atiku, a prominent figure in the African Democratic Congress (ADC), expressed concern that the Senate reportedly approved the loan in under four hours after it was presented. In a statement issued by his aide, Phrank Shaibu, he said the development was both troubling and alarming, given its potential impact on Nigeria’s economy.
He argued that decisions of such magnitude—capable of increasing the nation’s debt burden and affecting future generations—should not be rushed. According to him, what transpired reflects not legislative diligence but a worrying decline in oversight responsibility.
Atiku stressed that the National Assembly of Nigeria is constitutionally obligated to scrutinise executive requests and safeguard public interest, rather than act as a mere 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, questioning the lack of thorough debate and analysis before the approval.
While acknowledging that borrowing can sometimes be necessary, he warned against an overreliance on debt to finance routine government obligations. He described such a pattern as a dangerous cycle that could undermine long-term economic stability.
Atiku also cited Nigeria’s growing exposure to concessional loans from the International Development Association and continued domestic borrowing through bond issuances as signs of an unsustainable fiscal path.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said, adding that the speed of the approval raises serious concerns about due process and accountability.
He concluded by urging the Senate to uphold its constitutional role as a check on executive power and ensure greater transparency in decisions that shape the country’s financial future.
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