Former Vice President, Atiku Abubakar, has criticised the Senate over its lightning-speed approval of President Bola Tinubu’s request for a $6 billion external loan, which at an exchange rate of N1,400 per dollar, shoots the country’s debt stock to N155.1 trillion.
Yesterday’s approval which adds N8.4 trillion to the country’s N146.69 trillion debt burden as of 2025 ending, came barely three and half hours after Senate President Godswill Akpabio, read the letter from the President to the effect.
The letter was read the first time, scaled for a second reading, read the third time, and passed the same day by the senators.
The Senate approved the loans, following the presentation and consideration of the report by Senator Aliyu Wammakko, Chairman, Senate Committee on Local and Foreign Debts.
In a statement issued on Tuesday by Phrank Shaibu, his senior special assistant on public communication, Atiku described the development as troubling and alarming.
He said a borrowing decision with far-reaching implications for Nigeria’s economy should not be treated with reckless urgency.
“What Nigerians have witnessed is not legislative diligence but a disturbing erosion of oversight responsibility,” he said.
The African Democratic Congress (ADC) top-shot pointed out that the National Assembly is constitutionally mandated to interrogate executive requests and safeguard the interests of Nigerians.
“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.
“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?”
Abubakar said approving a multi-billion-dollar loan request in record time without visible scrutiny raises serious questions about due process and the commitment of the legislature to its constitutional duty.
“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.
“It reflects a troubling absence of fiscal discipline, clear prioritisation, and sustainable economic planning.”
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 noted that the pattern suggests an unsustainable borrowing trajectory that could place Nigeria on a dangerous fiscal path.
The former Vice President went on to question the motive behind the borrowing request.
“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?” he asked.
Abubakar said rising debt levels and increasing debt servicing obligations require prudence rather than haste.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said.
“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 urged the senate to remember its constitutional responsibility as a check on executive powers, stressing that Nigerians deserve transparency, accountability, and responsible governance.
