Atiku condemns Senate's rapid approval of Tinubu's $6bn loan request
Former Vice President Atiku Abubakar has slammed the Senate for approving President Bola Tinubu's request for a $6 billion external loan in less than four hours on Tuesday, March 31, 2026. Atiku, via his spokesperson Phrank Shaibu, called the speed 'alarming' and a 'disturbing erosion of oversight responsibility,' stressing that such consequential decisions demand rigorous debate, not 'casual urgency.'
This swift approval intensifies worries about Nigeria's fiscal health, as debt servicing already swallows a huge share of national revenue. Atiku cites World Bank data showing Nigeria's IDA exposure hit $18.7 billion between January and February 2026, and notes the Debt Management Office's aggressive domestic borrowing. He warns that borrowing to service old debts and plug budget gaps is a 'dangerous cycle' showing weak fiscal planning.
Atiku questions if borrowing another $6 billion in early 2026 hints at preparing for potential electoral loss in 2027. He argues the National Assembly must act as a constitutional safeguard, not a rubber stamp, to protect future generations from unsustainable debt. 'Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,' he stated.
With Nigeria's debt profile climbing, should citizens accept this legislative haste on national borrowing? How can Nigerians demand stronger accountability for loans that bind future generations? Is this $6 billion loan a necessary step or part of a perilous debt trajectory?