Saraki Denies Rubber-Stamping Loans, Advocates Reforms

Bukola Saraki, the former Senate President of Nigeria from 2015 to 2019, addressed the Global Strategic Advisory Group at Villa La Collina, Lake Como, Italy, asserting that he never rubber-stamped foreign loans during his tenure. He highlighted Nigeria's low tax-to-GDP ratio of approximately six percent, one of the lowest globally, as a significant barrier to sustainable development.

Saraki emphasized the need for fiscal reforms, including open budget hearings and scrutiny of government revenue, particularly in the petroleum sector. He recalled facing substantial political pushback when scrutinizing foreign loan requests, stressing the importance of legislative oversight.

Saraki warned that continued reliance on foreign aid and external borrowing could undermine Nigeria's economic sovereignty. He advocated for African nations to strengthen domestic resource mobilization and prioritize transparent budget legislation, judicial independence, and credible elections to foster economic growth.

He concluded by urging African governments to redefine their development models and leverage partnerships with emerging economies.