JUST IN: Atiku criticises Senate for approving President Tinubu’s $6bn loan within four hours
Former Vice President Alhaji Atiku Abubakar has slammed the Nigerian Senate for approving President Bola Tinubu’s request for a fresh $6 billion external loan within four hours of its presentation.
In a statement issued on Tuesday by Phrank Shaibu, his media aide, Atiku described the development as troubling and alarming.
He said a borrowing decision with far-reaching implications for the country’s economy should not be treated with urgency.
His words: “What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility.
“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?”
The former vice-president said approving a multi-billion-dollar loan request without visible scrutiny raises questions about due process and the commitment of the legislature to its constitutional duty.
He warned that resorting to fresh borrowing to service existing debt and finance government obligations reflects deeper structural problems in the country’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,” he said.
Atiku 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.
“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 said.
He said the pattern suggests an unsustainable borrowing trajectory that could place Nigeria on a dangerous fiscal path.
He urged the Senate to remember its constitutional responsibility to serve as a check on executive powers.
Atiku added that Nigerians deserve transparency, accountability and responsible governance, noting that history will record the decisions taken at this moment.
