A former Vice President, Atiku Abubakar, has faulted the National Assembly for approving President Bola Tinubu’s request to obtain two fresh foreign loans totalling $6 billion from the United Arab Emirates and the United Kingdom.
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Atiku, in a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the development showed that the National Assembly, which ought to serve as the voice of Nigerians, had been reduced to a rubber stamp for the presidency.
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The loans were separately requested by Mr Tinubu through letters read by the Senate President, Godswill Akpabio, during plenary on Tuesday.
After reading the letters, Mr Akpabio referred them to the Senate Committee on Local and Foreign Debts for immediate consideration.
A few hours later, the committee’s chairman, Aliyu Wamakko, presented a report recommending approval of the loans as requested by the president. The Senate subsequently approved the requests..
A similar process played out in the House of Representatives.
Since the approval, Nigerians have criticised members of the National Assembly, questioning the rationale behind the swift approval of foreign loan requests introduced and passed on the same day.
Atiku, a member of the African Democratic Congress (ADC), berated the lawmakers, arguing that they had failed in their constitutional oversight responsibilities.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility. Where was the debate? Where was the rigorous analysis? Where was the accountability?” he said.
The former vice president noted that while borrowing is not inherently wrong, Mr Tinubu’s pattern of borrowing is dangerous and reflects an absence of fiscal discipline
“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.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous. 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.
Nigeria’s Debt
Nigeria’s fresh borrowing request comes amid concerns about the country’s rising debt burden and debt-servicing pressures.
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According to the Debt Management Office, Nigeria’s total public debt stood at over N87 trillion (about $113 billion) as of mid-2023, following the inclusion of Ways and Means advances from the Central Bank of Nigeria. The figure has continued to climb, driven by new borrowings and exchange rate adjustments.
Although Nigeria’s debt-to-GDP ratio remains moderate compared to some peers, analysts have repeatedly flagged the country’s weak revenue base as a major risk. A significant portion of government revenue is spent on servicing debt, raising concerns about fiscal sustainability.
The International Monetary Fund and the World Bank have both advised Nigeria to prioritise revenue mobilisation, improve tax collection, and ensure that new borrowings are tied to productive investments capable of generating returns.
In recent years, the federal government has increasingly turned to external borrowing to finance budget deficits, fund infrastructure projects, and refinance existing obligations. Officials argue that such loans, particularly those with relatively lower interest rates, help reduce the cost of debt and support critical sectors of the economy.
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