Former Vice President Atiku Abubakar has criticised the National Assembly’s swift approval of President Bola Tinubu’s $6 billion external loan request, warning that the move could worsen Nigeria’s debt burden and weaken legislative oversight.
Atiku said the speed of the approval raised serious concerns about the legislature’s commitment to proper scrutiny of major financial decisions affecting the country’s economy.
In a statement issued yesterday, the chieftain of the African Democratic Congress said approving a borrowing request of such magnitude within hours reflects what he described as a weakening of the National Assembly’s constitutional duty to thoroughly examine executive proposals.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
He maintained that the parliament is constitutionally empowered to interrogate and scrutinise government proposals, rather than merely endorsing them without extensive debate.
“The Senate is meant to act as a safeguard for the people, not a conveyor belt that processes requests of grave national consequence without due diligence,” he added.
Questioning the process that led to the approval, Atiku asked whether adequate debate and financial analysis had taken place before lawmakers granted the request.
“Where was the debate? Where was the rigorous analysis? Where was the accountability?” he queried.
The former vice president further warned that the increasing reliance on loans to meet government obligations reflects deeper structural weaknesses in Nigeria’s fiscal management.
According to him, borrowing to service existing debts and plug budget shortfalls risks creating a cycle that could threaten long-term economic stability.
“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 and sustainable economic planning.”
Atiku also cited rising debt indicators, noting that Nigeria’s exposure to the International Development Association had reached $18.7 billion between January and February 2026, according to World Bank data.
He added that the latest loan request comes alongside continued domestic borrowing through federal government bond auctions aimed at financing immediate obligations and servicing existing debts.
“This pattern reflects an unsustainable borrowing trajectory that places the country on a dangerous fiscal path,” he said.
While acknowledging that borrowing can sometimes be necessary for development, Atiku cautioned against what he described as reckless accumulation of debt enabled by legislative complacency.
“Borrowing is not inherently wrong, but reckless borrowing 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.”
