Former Vice President Atiku Abubakar has launched a scathing attack on President Bola Tinubu and the Nigerian Senate over the lightning-fast approval of a fresh $6 billion external loan, describing the process as reckless and dangerous for the nation’s future.
In a strongly worded statement issued by his aide, Phrank Shaibu, Atiku condemned what he called the “alarming” speed with which the Senate reportedly approved the loan request, less than four hours after it was presented.
According to the former Vice President, such a weighty financial decision, with far-reaching implications for Nigeria’s economy and future generations, should never be treated with what he termed “casual urgency.”
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” Atiku declared.
He accused the National Assembly of abandoning its constitutional duty, warning that the Senate has effectively reduced itself to a “conveyor belt,” approving critical requests from the executive without proper scrutiny.
“The Senate is not designed to function as a mere rubber stamp,” he said, questioning the absence of debate, rigorous analysis, and accountability in the approval process.
Atiku further warned that the country is drifting into a dangerous cycle of borrowing, where new loans are used to service existing debts and fund routine government obligations.
“Resorting to fresh borrowing to plug budget gaps and service debt is not a strategy, it is a dangerous cycle,” he said, adding that it reflects a lack of fiscal discipline and sustainable economic planning.
Citing rising debt indicators, Atiku noted that Nigeria’s exposure to concessional loans from the World Bank, particularly through its International Development Association, has climbed to $18.7 billion as of early 2026, placing the country among the largest global recipients.
He also pointed to continued aggressive domestic borrowing by the Debt Management Office, warning that the combined trend signals an unsustainable fiscal trajectory.
The former Vice President did not mince words in questioning the motive behind the latest loan request, suggesting it could be tied to political calculations ahead of the 2027 elections.
“What does a government that appears to be preparing for electoral rejection in 2027 intend to do with an additional $6 billion?” he queried.
Atiku warned that Nigeria’s rising debt burden, alongside the growing share of national revenue spent on debt servicing, demands prudence, not haste.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he stressed.
He concluded with a stark warning that the country’s future must not be traded off through rushed financial decisions.
“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 said.
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