Former Vice President Atiku Abubakar has criticised the Presidency and the National Assembly over the rapid approval of a fresh $6 billion external loan request, describing the development as troubling and dangerous for Nigeria’s fiscal future.
Atiku, a chieftain of the African Democratic Congress (ADC), expressed concern over reports that the Senate approved President Bola Tinubu’s loan request in less than four hours, raising questions about the level of scrutiny given to the proposal.
According to him, the speed of the approval reflects what he called a weakening of the legislature’s oversight responsibility.
He questioned whether lawmakers carried out the necessary debate, detailed analysis, and accountability checks expected on a matter with major implications for the country’s economy and debt profile.
Atiku also warned that Nigeria’s growing reliance on borrowing to fund budget deficits and service existing debts points to a deeper problem in the management of public finances.
He said the pattern of taking on fresh loans to settle old obligations and close funding gaps shows a lack of fiscal discipline and could worsen the nation’s economic challenges if not addressed.
The former vice president’s remarks come amid increasing public concern over Nigeria’s rising debt burden and the long-term impact of external borrowing on the economy.
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