Saraki reveals pushback when challenging Buhari on foreign loans during Senate tenure

Former Senate President Bukola Saraki disclosed on Tuesday [June 30, 2026] at the Global Strategic Advisory Group meeting in Villa La Collina, Italy, that he faced significant political pushback when challenging the Buhari administration on foreign loan approvals during his 2015-2019 tenure, stating the system wasn't designed for proper scrutiny. He stressed that Nigeria's low tax-to-GDP ratio remains a major obstacle to sustainable development, noting many loans were accepted as 'free gifts' despite repayment obligations. Saraki emphasized his tenure focused on fiscal oversight through open budget hearings, addressing unremitted revenues outside the treasury, and petroleum sector governance reform. These efforts were necessary to avoid permanent external dependency, though he encountered resistance due to systemic flaws. The revelations highlight persistent challenges in Nigeria's fiscal accountability and revenue mobilization, affecting long-term economic sovereignty and development prospects.

What systemic reforms should Nigeria prioritize to strengthen legislative oversight of executive borrowing and improve domestic revenue collection to reduce dependency on foreign debt?

SOURCE: https://dailypost.ng/2026/07/01/i-suffered-as-senate-president-challenging-buhari-over-loans-saraki/