For the umpteenth time, Atiku Abubakar, Nigeria’s former Vice President, on Tuesday, cried out over how President Bola Ahmed Tinubu is plunging Nigeria into the abyss of economic helplessness – citing the fresh $6 billion external loan the President is on his way to obtaining.
The former VP, a chieftain of the African Democratic Party (ADC), is not only worried about the amount involved or the implication to the heavy debt profile of the country, but the record speed with which it was approved by the Senate, indicating total absence to official scrutiny.
Phrank Shaibu, spokesman of the former presidential candidate of the Peoples Democratic Party (PDP), who conveyed his position on the development, quoted his boss to have described the development as not just troubling but alarming.
Atiku, Shaibu, Senior Special Assistant on Public Communication, noted warned that the development would have profound national consequence, adding that a situation capable of not only further burdening an already strained economy, but mortgage the future of generations yet unborn, could not be treated with such reckless urgency.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” the former VP was quoted as saying, stressing that the National Assembly must stop functioning as a mere rubber stamp but as a constitutional safeguard meant to interrogate, scrutinise, and protect the interests of the Nigerian people.
The statement added: “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? 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.
“While these objectives may appear routine on the surface, they expose deeper structural weaknesses in the nation’s fiscal management. 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.”
Further expressing concerns on emerging fiscal indicators, Atiku particularly cited the World Bank report earlier in the year, which stated 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.
His words: “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. Is this development signals a deliberate attempt to mortgage the future of the country? Because that is what it suggests.
“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?
“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. Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous. 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.
“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.
“I call on the Senate to remember its constitutional role as a check on executive excesses, not an extension of it, insisting that Nigerians deserve transparency, accountability, and responsible governance. History will record this moment—and the choices made.”