- Atiku: Senate Has Lost Legislative Diligence, Displaying Disturbing Erosion Of Oversight Responsibility
- Warns That Borrowing To Service Existing Debts, Plug Budget Gaps, A Dangerous Cycle
- Senate Approves Tinubu’s Request To Increase 2026 Budget By N9tr
Former Vice President and chieftain of the African Democratic Congress, Atiku Abubakar has expressed deep concern over reports that the Senate approved President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan within a record time—reportedly less than four hours after its presentation.
Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, described the development as not just troubling but alarming.
He noted that a decision of such profound national consequence, one that will further burden an already strained economy and mortgage the future of generations yet unborn, cannot be treated with such reckless urgency.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
He stressed that the National Assembly is not designed to function as a mere rubber stamp but as a constitutional safeguard meant to interrogate, scrutinise, and protect the interests of the Nigerian people.
The Senate, which ought to serve as a constitutional safeguard, has instead reduced itself to a conveyor belt—processing requests of grave national consequence without due diligence. Borrowing decisions that will bind generations yet unborn cannot, and must not, be treated with this level of casual urgency.
“Where was the debate? Where was the rigorous analysis? Where was the accountability?” Atiku queried.
He warned that approving a multi-billion-dollar borrowing request in record time, without visible scrutiny, raises serious questions about due process and the commitment of the legislature to its constitutional duty.
While these objectives may appear routine on the surface, Atiku warned that they expose deeper structural weaknesses in the nation’s fiscal management.
“Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations is not a strategy—it is a dangerous cycle. It reflects a troubling absence of fiscal discipline, clear prioritisation, and sustainable economic planning,” he said.
He further anchored his concerns on emerging fiscal indicators, noting that between January and February 2026, the World Bank reported that Nigeria’s exposure to the International Development Association (IDA) had risen to $18.7 billion—placing the country among the largest recipients of concessional loans globally.
“In March 2026 alone, the President is requesting an additional $6 billion external loan, even as the Debt Management Office continues aggressive domestic borrowing through high-volume bond auctions, as evidenced by the March 2026 FGN Bond Offer Circular, largely to finance immediate government obligations and service existing debt,” he added.
According to Atiku, this pattern reflects an unsustainable borrowing trajectory that places the country on a dangerous fiscal path.
The former Vice President further questioned whether the development signals a deliberate attempt to mortgage the future of the country.
“Because that is what it suggests,” he added.
What does a government that appears to be preparing for electoral rejection in 2027 intend to do with an additional $6 billion in borrowed funds—on top of the mounting obligations it has already accumulated in just the first quarter of 2026?
Atiku emphasised that at a time when Nigeria’s debt profile continues to rise and debt servicing consumes a significant portion of national revenue, prudence—not haste—should guide fiscal decisions.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said.
He added that the speed of the approval suggests a troubling sense of desperation—one that does not inspire confidence in the long-term economic direction of the country.
“Nigeria is not a private enterprise to be leveraged at will. The future of our nation cannot be signed away in a matter of hours,” he stated.
Meanwhile, the Senate has passed a ₦68.323 trillion budget for the 2026 fiscal year, approving an increase from the initial ₦58.47 trillion proposed by President Tinubu.
The upward revision of over ₦9.09 trillion followed a fresh request by the President to accommodate legacy commitments, particularly in the transportation and health sectors, as well as additional provisions, including funding for the judiciary.
The approval came after the Senate adopted a joint report of the National Assembly on the 2026 Appropriation Bill.
A breakdown of the revised budget shows that ₦4.799 trillion is allocated for statutory transfers, ₦15.809 trillion for debt servicing, ₦15.427 trillion for recurrent (non-debt) expenditure, and ₦32.287 trillion for capital projects.
Further details indicate that ₦5.71 trillion from the additional provisions is earmarked for the regularisation of outstanding capital obligations carried over from the 2025 budget, alongside ₦2 trillion for previously omitted projects nationwide.
Sectoral allocations include ₦482.758 billion for the health sector, ₦478.600 billion for the Ministry of Finance Incorporated (MoFI), and ₦268 billion for the judiciary, with ₦36 billion specifically for the Supreme Court and ₦98.513 million for the Court of Appeal.
Additionally, ₦8.960 billion was approved for feasibility studies on key road projects, including the Calabar–Maiduguri and Maiduguri–Sokoto corridors.
Similarly, the Senate also approved an extension of the capital component of the 2025 budget, shifting its implementation deadline from March 31 to June 30, 2026, to allow for the completion of ongoing projects.
