Atiku Faults Senate’s Swift Approval Of Tinubu’s $6bn Loan Request

Former Vice President Atiku Abubakar has criticised the Senate’s rapid approval of President Bola Tinubu’s $6 billion external borrowing request, describing the process as alarming and lacking proper legislative scrutiny.

The National Assembly approved the loan request on Tuesday, just hours after the President’s letter was presented before both chambers.

Reacting through a statement issued by his media aide, Phrank Shaibu, Atiku said borrowing decisions with long-term implications for the nation’s economy should not be handled with such speed. He argued that the legislature failed in its constitutional duty to thoroughly examine the request before granting approval.

According to him, the Senate ought to serve as a safeguard by questioning executive proposals and protecting Nigerians’ interests, rather than acting as a mere channel for automatic endorsement.

He further warned that continued borrowing to settle existing debts, bridge budget deficits and fund routine obligations reflects weak fiscal planning and could worsen the nation’s debt burden.

Atiku cited recent debt figures, noting that Nigeria’s exposure to international lenders has continued to rise, while domestic borrowing through bond auctions also remains aggressive. He said the trend suggests an unsustainable fiscal path that could mortgage the country’s future.

The former presidential candidate also questioned the purpose of the fresh loan, insisting that transparency and accountability must guide any borrowing that will affect future generations.

He urged lawmakers to uphold their oversight responsibility and ensure that major financial decisions receive proper debate and detailed analysis before approval.