By Omeiza Ajayi, Abuja
Former Vice President and African Democratic Congress (ADC) chieftain, Atiku Abubakar, has criticized the Presidency and the National Assembly over the rapid approval of a fresh $6 billion external loan.
In a statement released on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku expressed “deep concern” over reports that the Senate approved President Bola Tinubu’s loan request in less than four hours. He described the process as a dangerous erosion of legislative oversight that threatens the country’s economic stability.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” Atiku said, arguing that the Senate, constitutionally tasked to act as a safeguard, had instead “reduced itself to a conveyor belt” processing high-stakes requests without proper scrutiny.
He questioned the absence of debate, analysis, and accountability, warning that the nation’s future is being “signed away in a matter of hours.” Atiku further highlighted the growing dependence on borrowing, noting that Nigeria’s exposure to the World Bank’s International Development Association (IDA) had surged to $18.7 billion as of February 2026.
“What does a government 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 the first quarter of 2026?” he asked.
Atiku emphasized that while borrowing is not inherently wrong, reckless borrowing enabled by legislative complacency is dangerous. He called for transparency and prudence, urging the Senate to resume its constitutional role as a check on executive excesses rather than acting as a “rubber stamp.”
“Nigeria is not a private enterprise to be leveraged at will,” Atiku warned, stressing that history will judge both the administration and the legislature for their choices.