$6bn in 4 hours: Atiku blasts Senate, Tinubu over ‘hasty’ loan approval
Former Vice President Atiku Abubakar has sharply criticised the Senate’s reported approval of a $6 billion external loan request by President Bola Ahmed Tinubu within four hours, describing the move as “alarming” and a failure of legislative responsibility.
In a statement issued Tuesday by his aide, Phrank Shaibu, Atiku said the speed of the approval raises serious concerns about due process, warning that decisions of such magnitude should not be treated with “reckless urgency.”
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
The former presidential candidate argued that the Nigerian Senate had abandoned its constitutional duty to scrutinise executive requests, instead acting as a “conveyor belt” for approvals with far-reaching economic consequences.
“Where was the debate? Where was the rigorous analysis? Where was the accountability?” he queried.
Atiku warned that the new borrowing could further strain Nigeria’s fragile economy, accusing the government of deepening a cycle of debt by relying on loans to service existing obligations and plug budget deficits.
Citing recent fiscal data, he noted that Nigeria’s exposure to concessional financing from the World Bank had climbed to $18.7 billion as of early 2026, placing the country among the largest recipients globally.
He also pointed to continued domestic borrowing through federal bond issuances, arguing that the combined strategy reflects “an unsustainable borrowing trajectory” and a lack of coherent economic planning.
“Resorting to fresh borrowing to service existing debts is not a strategy—it is a dangerous cycle,” Atiku said, warning that such policies risk mortgaging the country’s future.
The former vice president further suggested that the rapid approval could signal desperation within the administration, questioning the intended use of the funds amid rising debt and growing fiscal pressure.
“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,” he added.
He called on lawmakers to reassert their role as a check on executive power, insisting that Nigerians deserve transparency, accountability, and prudent economic management.
The presidency and Senate have yet to officially respond to the criticism.
