Saraki Challenges Buhari on Foreign Loan Scrutiny

Bukola Saraki, the former Senate President of Nigeria from 2015 to 2019, revealed his confrontations with the administration of former President Muhammadu Buhari over foreign loan requests. Speaking at a Global Strategic Advisory Group meeting at Villa La Collina, Lake Como, Italy, Saraki stressed the importance of scrutinizing every borrowing proposal before approval.

He highlighted his focus on strengthening fiscal accountability and the need for open budget hearings during his tenure. Saraki expressed concerns about Nigeria's low tax-to-GDP ratio, which he described as a significant barrier to sustainable economic growth, warning that continued reliance on foreign aid and external borrowing could weaken Nigeria's economic independence.

He urged African countries to improve domestic revenue generation and strengthen public institutions instead of depending heavily on foreign assistance. Saraki also called for greater transparency in public finance, stronger legislative oversight, and the implementation of the African Continental Free Trade Area to enhance investment in education and innovation for youth.