Former Vice President Atiku Abubakar has criticised the reported swift approval of a $6 billion external loan request by President Bola Ahmed Tinubu, describing the process as “reckless urgency.”
Atiku, a chieftain of the African Democratic Congress (ADC), expressed concern that the Senate reportedly approved the request in less than four hours after its presentation.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the development was not only troubling but alarming, given its implications for Nigeria’s economy.
He argued that decisions of such magnitude, which could further burden the economy and affect future generations, should not be treated with haste.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
Atiku stressed that the National Assembly is constitutionally mandated to scrutinise executive requests and protect public interest, not 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.
He questioned the absence of thorough debate and analysis before the approval.
“Where was the debate? Where was the rigorous analysis? Where was the accountability?” he queried.
The former Vice President warned that approving such a large borrowing request without visible scrutiny raises serious concerns about due process and legislative responsibility.
While acknowledging that borrowing may sometimes be necessary, Atiku cautioned against what he described as a dangerous reliance on debt to fund routine obligations.
“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 said.
He cited data indicating that Nigeria’s exposure to concessional loans from the International Development Association had risen significantly, placing the country among the largest recipients globally.
He also pointed to continued domestic borrowing through bond issuances, noting that the trend reflects an unsustainable fiscal trajectory.
According to him, the pattern raises concerns about long-term economic stability and whether the country is being pushed toward excessive debt accumulation.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said.
Atiku further warned that the speed of the approval suggests a troubling level of urgency that does not inspire confidence in the country’s fiscal direction.
“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 added.
He called on the Senate to uphold its constitutional role as a check on executive power and ensure transparency and accountability in decisions that affect the nation’s financial future.
