Former Vice President Atiku Abubakar has expressed deep concern over reports that the Senate approved President Bola Tinubu’s request for a fresh $6 billion external loan in record time, reportedly less than four hours after it was presented.
Atiku, a chieftain of the African Democratic Congress, made his position known in a statement issued on Tuesday by his spokesperson, Phrank Shaibu, describing the development as not just troubling but alarming.
This follows the Senate’s swift approval of the President’s $6 billion combined external loan request earlier the same day.
Reacting, Atiku noted that a decision of such profound national consequence, one that could further strain the economy and impact future generations, should not be handled with such urgency.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
He stressed that the National Assembly of Nigeria is not designed to function as a mere rubber stamp but as a constitutional safeguard tasked with scrutinizing executive actions and protecting public interest.
“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?” Atiku queried.
He warned that approving a multi billion dollar borrowing request in record time, without visible scrutiny, raises serious concerns about due process and legislative responsibility.
While acknowledging that the objectives of the loan may appear routine, Atiku cautioned that they reveal deeper structural issues in the nation’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. It reflects a troubling absence of fiscal discipline, clear prioritization, and sustainable economic planning,” he said.
He further cited fiscal indicators, referencing a report by the World Bank which showed that between January and February 2026, Nigeria’s exposure to the International Development Association IDA rose to $18.7 billion, placing the country among the largest recipients of concessional loans globally.
“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 added.
According to Atiku, the pattern reflects an unsustainable borrowing trajectory that could place the country on a risky fiscal path.
The former vice president also questioned whether the move signals a deliberate attempt to mortgage the nation’s future.
“Because that is what it suggests,” he added.
“What does a government that appears to be preparing for electoral rejection in 2027 intend to do with an additional $6 billion in borrowed funds on top of the mounting obligations it has already accumulated in just the first quarter of 2026?”
Atiku emphasized that at a time when Nigeria’s debt profile continues to rise and debt servicing consumes a significant portion of national revenue, prudence rather than haste should guide fiscal decisions.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said.
He added that the speed of the approval suggests a troubling sense of urgency that does not inspire confidence in the country’s long term economic 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 stated.
