Former Vice President Atiku Abubakar has faulted both the Presidency and the National Assembly over the rapid approval of a $6 billion external loan request, describing the process as reckless and troubling.
In a statement issued on Tuesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku expressed serious concern that the Senate reportedly approved President Bola Tinubu’s request in less than four hours. He argued that such speed reflects a weakening of legislative oversight and raises questions about the thoroughness of the review process.
According to Atiku, the Senate constitutionally mandated to provide checks and balances failed to properly scrutinize the request. He described the development as a situation where the legislature appeared to act as a “conveyor belt,” processing critical financial decisions without adequate debate or analysis.
He warned that approving major borrowing decisions without detailed evaluation could have long-term consequences for Nigeria’s economic stability. “This is not legislative diligence,” he stated, adding that the country’s financial future should not be decided within a few hours.
Atiku also drew attention to Nigeria’s rising debt exposure, particularly to the World Bank’s International Development Association (IDA), which he said had climbed to $18.7 billion as of February 2026. He questioned the rationale behind seeking additional loans, especially within a short period, and raised concerns about how the funds would be utilized.
While acknowledging that borrowing can be a legitimate fiscal tool, Atiku stressed that it must be handled with caution, transparency, and accountability. He warned against what he described as “reckless borrowing” enabled by weak legislative scrutiny.
Calling for a more responsible approach, he urged lawmakers to uphold their constitutional duty by thoroughly evaluating executive proposals rather than approving them without sufficient examination. He emphasized that Nigeria’s resources must be managed in the public interest, not treated casually.
Atiku concluded by cautioning that both the executive and legislative arms of government would ultimately be judged by history based on how they manage the nation’s finances and uphold democratic accountability.
