Saraki Discusses Challenges of Foreign Loans Under Buhari

Bukola Saraki, the former Senate President of Nigeria from 2015 to 2019, spoke at a Global Strategic Advisory Group meeting held at Villa La Collina on Tuesday. He reflected on the difficulties he encountered while challenging the foreign loan requests made during Muhammadu Buhari's administration.

Saraki faced significant political resistance when he insisted on proper scrutiny of loan approvals. He emphasized that Nigeria's economy heavily relies on stronger internal revenue generation and transparent fiscal management.

Saraki identified low tax-to-GDP ratios as a major economic problem and stressed that the country cannot continue to depend on external borrowing for development. He highlighted the need for African countries to build self-sustaining economic systems rather than relying heavily on foreign support.

Saraki's remarks shed light on the tensions between the executive and legislative branches of government during Buhari's administration, particularly regarding public finance and borrowing issues.