Atiku Slams Tinubu and Senate Over Swift $6 Billion Loan Approval
Former Vice President Atiku Abubakar has launched a scathing criticism against the reported rapid approval of a $6 billion external loan request by President Bola Ahmed Tinubu, labeling the process as exhibiting "reckless urgency." Atiku, a prominent figure in the African Democratic Congress (ADC), voiced deep concerns that the Senate granted approval in less than four hours after the request was presented, a move he finds both troubling and alarming for Nigeria's economic future.
Concerns Over Legislative Oversight and Economic Impact
In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku emphasized that decisions of such significant magnitude, which could impose additional burdens on the economy and affect future generations, should not be rushed. He argued that the National Assembly has a constitutional duty to thoroughly scrutinize executive requests and safeguard public interests, rather than acting as a mere rubber stamp. "What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility," Atiku stated, questioning the lack of rigorous debate and analysis before the approval.
Warnings on Debt Accumulation and Fiscal Responsibility
Atiku acknowledged that borrowing might sometimes be necessary, but he cautioned against what he described as a dangerous reliance on debt to fund routine obligations. He highlighted data showing Nigeria's increasing exposure to concessional loans from the International Development Association, positioning the country among the largest global recipients. Additionally, he pointed to ongoing domestic borrowing through bond issuances, warning that this trend reflects an unsustainable fiscal path and raises serious concerns about long-term economic stability.
"Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous," Atiku asserted. He further warned that the swift approval process suggests a troubling level of urgency that undermines confidence in the nation's fiscal direction. "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, calling on the Senate to uphold its constitutional role as a check on executive power and ensure transparency and accountability in financial decisions.
