Former Vice President Alhaji Atiku Abubakar has strongly criticised the Nigerian Senate for approving President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan within hours of its presentation, describing the development as both troubling and alarming.
In a statement issued on Tuesday through his media aide, Phrank Shaibu, Atiku expressed deep concern over what he termed the lack of due diligence and thorough legislative scrutiny in the approval process. He argued that a borrowing decision of such magnitude, with long-term implications for the nation’s economy, should not be handled with what he described as “casual urgency.”
The Senate had earlier approved the loan request just four hours after Senate President Godswill Akpabio read the President’s letters during plenary. The speed of the approval has since sparked debate among political observers and stakeholders, with Atiku emerging as one of the most prominent voices condemning the process.
Reacting to the development, the former vice president said the role of the National Assembly as a constitutional safeguard appeared to have been compromised. According to him, the Senate failed to live up to its responsibility of providing checks and balances on executive actions, particularly on matters involving public borrowing.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” Atiku said in the statement.
He further criticised the upper legislative chamber, accusing it of acting more like a “conveyor belt” than an independent institution tasked with scrutinising executive requests.
“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 added.
Atiku questioned the absence of visible debate and critical analysis before the approval was granted, stressing that decisions involving billions of dollars and future generations should not be rushed through the legislative process.
“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?” he queried.
The former vice president also raised concerns about transparency and adherence to due process, noting that the swift approval raises legitimate questions about the commitment of lawmakers to their constitutional duties.
According to him, approving a multi-billion-dollar loan request without clear evidence of scrutiny undermines public confidence in the legislative institution and its ability to act in the best interest of Nigerians.
Beyond the procedural concerns, Atiku warned that the increasing reliance on borrowing to fund government operations signals deeper structural issues within Nigeria’s fiscal framework. He argued that resorting to fresh loans to service existing debts and cover routine expenditures is not a sustainable economic strategy.
“Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations is not a strategy—it is a dangerous cycle,” he stated.
Atiku backed his concerns with data, citing figures from the World Bank which indicate that Nigeria’s exposure to the International Development Association (IDA) rose significantly to $18.7 billion between January and February 2026. He noted that this increase, combined with the newly proposed $6 billion loan, points to a growing debt burden that could have long-term consequences for the country.
“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,” Atiku said.
He warned that the pattern reflects an unsustainable borrowing trajectory that could push Nigeria into a precarious fiscal position if not addressed promptly. According to him, continued accumulation of debt without corresponding revenue growth or structural reforms may place undue pressure on the economy and future administrations.
The former vice president therefore called on the Senate to reassess its approach and recommit to its constitutional mandate as a check on executive power. He emphasised the need for lawmakers to prioritise national interest over expediency, particularly when dealing with issues that have far-reaching economic implications.
He also stressed that Nigerians deserve transparency, accountability, and responsible governance from both the executive and legislative arms of government. Atiku noted that decisions taken at critical moments such as this will ultimately shape the country’s economic future and will be judged by history.
As debates continue over the Senate’s decision, Atiku’s remarks add to growing concerns among some stakeholders about Nigeria’s rising debt profile and the processes surrounding major fiscal decisions. While the Federal Government maintains that the loans are necessary to support infrastructure development and budget financing, critics insist that greater scrutiny and caution are required.
The controversy surrounding the approval underscores the broader national conversation about governance, accountability, and economic sustainability. With Nigeria facing multiple fiscal challenges, including revenue constraints and infrastructure deficits, the balance between borrowing for development and maintaining fiscal discipline remains a key issue.
Atiku’s intervention highlights the importance of institutional checks and the need for robust legislative oversight in safeguarding the country’s economic future. Whether his concerns will prompt further review or reforms in the approval process remains to be seen, but the debate has undoubtedly brought renewed attention to the role of the Senate in shaping Nigeria’s fiscal direction.
