Atiku Critiques Senate for Quick Approval of $6bn Loan

Former Vice President Atiku Abubakar criticized the Nigerian Senate for its rapid approval of President Bola Tinubu's request for a $6 billion external loan, which was completed within four hours. In a statement issued on Tuesday by his media aide, Phrank Shaibu, Atiku described the decision as troubling and alarming, highlighting the potential long-term implications for Nigeria's economy.

He emphasized that such urgent borrowing decisions should not be treated casually and called for thorough scrutiny and debate. Atiku pointed out that the Senate's role is to serve as a check on executive power, warning that the approval of this loan without visible scrutiny raises questions about legislative due process.

He cited data from the World Bank indicating Nigeria's exposure to international development debt, which rose to $18.7 billion between January and March 2026. Atiku expressed concern that the government's reliance on new borrowing to service existing debt reflects deeper structural problems in fiscal management, placing Nigeria on an unsustainable fiscal path.