By George Ozalla
Former Vice President and chieftain of the African Democratic Congress (ADC), Atiku Abubakar, has raised concerns over the reported approval of a fresh six billion dollars external loan request by President Bola Ahmed Tinubu, alleging that the Senate processed the request in less than four hours after it was presented.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the development as alarming and questioned the depth of legislative scrutiny applied to a decision of such magnitude, warning that it places additional burden on an already strained economy and raises concerns about the country’s fiscal direction.
He argued that the National Assembly is constitutionally expected to function as a safeguard that interrogates and scrutinises executive requests, especially those with long term consequences for public debt and national development. According to him, the speed of approval suggests a weakening of oversight responsibility and a legislature that risks being perceived as a rubber stamp institution.
Atiku questioned the absence of robust debate and detailed analysis before the approval, insisting that decisions involving large scale borrowing should not pass through legislative processes in a manner that appears hurried or lacking in visible accountability. He maintained that such actions undermine public confidence in governance and the checks and balances required in a democracy.
He further warned that Nigeria’s increasing reliance on external borrowing to finance budgetary obligations, service existing debts and bridge fiscal gaps reflects a troubling cycle that may not be sustainable. He noted that while borrowing is a standard tool of governance, its repeated and rapid deployment without clear economic productivity raises concerns about long term fiscal discipline.
Citing emerging fiscal indicators, Atiku referenced reports suggesting that Nigeria’s exposure to concessional funding from the International Development Association rose significantly in early 2026, alongside continued domestic borrowing through government bond programmes aimed at meeting immediate financial obligations.
He expressed concern that the accumulation of both domestic and external debts places the economy on a fragile path, stressing that such trends require caution rather than accelerated approvals. He also questioned the broader implications of ongoing borrowing patterns on future generations, suggesting that the country risks mortgaging its economic stability.
Atiku further argued that the pace of the Senate’s approval reflects a worrying sense of urgency that does not align with responsible economic planning. He said Nigeria should not be managed in a manner that treats national borrowing decisions as routine administrative approvals, but as serious commitments requiring careful evaluation.
He maintained that while the intention behind fiscal measures may be presented as necessary for governance, the long term consequences demand stricter oversight, stronger debate and clearer justification before approval.
The former Vice President urged a more disciplined approach to public finance management, warning that unchecked borrowing and weak legislative scrutiny could deepen Nigeria’s debt challenges and limit future economic options.
