Former Vice President Atiku Abubakar on Tuesday, March 31, 2026, took a critical look at the speed with which the Senate speedily approved a fresh external loan request of $6 billion by President Bola Ahmed Tinubu, stressing that the development is not legislative diligence, but a disturbing erosion of oversight responsibility.
Atiku stressed that the National Assembly is not designed to function as a mere rubber stamp but as a constitutional safeguard meant to interrogate, scrutinise, and protect the interests of the Nigerian people.
He specifically noted that the speed of the approval suggests a troubling sense of desperation—one that does not inspire confidence in the long-term economic direction of the country.
While expressing serious concern over reports of the approval that reportedly took place within a record time of less than four hours after its presentation, the former Vice President described the development as not just troubling, but alarming.
Atiku, in a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, emphasised that a decision of such profound national consequence, one that will further burden an already strained economy and mortgage the future of generations yet unborn, cannot be treated with such reckless urgency.
He further said; “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.
“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?” he queried.
The African Democratic Congress (ADC) Chieftain warned that approving a multi-billion-dollar borrowing request in record time, without visible scrutiny, raises serious questions about due process and the commitment of the legislature to its constitutional duty.
Atiku said that while these objectives may appear routine on the surface, he warned that they expose deeper structural weaknesses in the nation’s fiscal management.
He said; “Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations is not a strategy—it is a dangerous cycle. It reflects a troubling absence of fiscal discipline, clear prioritisation, and sustainable economic planning”.
Atiku further anchored his concerns on emerging fiscal indicators, noting that between January and February 2026, the World Bank reported that Nigeria’s exposure to the International Development Association (IDA) had risen to $18.7 billion—placing the country among the largest recipients of concessional loans globally.
In the words of Atiku; “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.
“This pattern reflects an unsustainable borrowing trajectory that places the country on a dangerous fiscal path .
Atiku particularly questioned whether the development signals a deliberate attempt to mortgage the future of the country, saying; “Because that is what it suggests”.
He asked; “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?”
Atiku emphasised that at a time when Nigeria’s debt profile continues to rise and debt servicing consumes a significant portion of national revenue, prudence—not haste—should guide fiscal decisions.
In his words; “Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous. 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”.
Atiku therefore called on the Senate to remember its constitutional role as a check on executive excesses, not an extension of it.
The former Vice President insisted that Nigerians deserve transparency, accountability, and responsible governance, stressing that history will record this moment—and the choices made.
