Atiku Slams Senate Rushed Approval of $6B External Loan

Former Vice President and chieftain of the African Democratic Congress, Atiku Abubakar, has criticized the Nigerian Senate for the rapid approval of President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan. Reports indicate the upper legislative chamber processed the request in less than four hours, a timeline Atiku argues compromises essential oversight procedures.

In a statement issued on Tuesday by spokesperson Phrank Shaibu, Atiku described the pace of the approval as contrary to constitutional standards. He emphasized that borrowing decisions with multi-generational economic impacts require comprehensive scrutiny. Atiku asserted that the National Assembly is designed to evaluate executive requests rather than expedite them. “What Nigerians have witnessed is not legislative diligence, but a troubling erosion of oversight responsibility,” the statement read, highlighting concerns over the absence of rigorous debate and accountability during the session.

The criticism centers on Nigeria’s current fiscal trajectory and debt management strategies. Atiku referenced World Bank data indicating that Nigeria’s exposure to the International Development Association (IDA) had risen to $18.7 billion between January and February 2026. He noted that the new external loan request coincides with ongoing domestic borrowing activities, including Federal Government of Nigeria (FGN) bond auctions intended to fund immediate obligations and service existing debt. According to Atiku, relying on fresh loans to plug budget deficits and manage recurrent expenditures highlights structural weaknesses in national financial planning.

Atiku further questioned the sustainability of the approval, pointing out that debt servicing continues to absorb a substantial portion of government revenue. He warned that accelerating external borrowing without transparent analysis could strain the nation’s fiscal future. The statement also alluded to the upcoming 2027 electoral cycle, raising questions regarding the allocation of additional borrowed funds amidst growing financial liabilities. Atiku maintained that such decisions demand prudence rather than haste.

The Senate’s approval reflects the administration’s continued pursuit of external financing to address budgetary needs. As debt levels rise, lawmakers and fiscal analysts remain focused on transparency metrics and the long-term viability of borrowing frameworks. Atiku’s commentary adds to broader discussions regarding legislative independence and economic governance in Nigeria.