ABUJA: Former Vice President and chieftain of the African Democratic Congress ADC, Atiku Abubakar, has launched a scathing attack on the Presidency and the National Assembly following the lightning-speed approval of a fresh $6 billion external loan request.

In a statement released on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku expressed “deep concern” over reports that the Senate greenlit President Bola Tinubu’s multi-billion-dollar request in less than four hours.

He described the move as a dangerous erosion of legislative oversight, one that threatens the economic future of the country.

“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” Atiku stated.

He argued that the Senate, which is constitutionally mandated to serve as a safeguard, has instead “reduced itself to a conveyor belt,” processing requests of grave consequence without rigorous analysis.

“Where was the debate? Where was the rigorous analysis? Where was the accountability?” he queried.

The former vice president highlighted a “dangerous cycle” in the nation’s fiscal management, pointing out that resorting to fresh borrowing to plug budget gaps and service existing debts reflects a total absence of fiscal discipline.

He cited recent data showing that as of February 2026, Nigeria’s exposure to the World Bank’s International Development Association (IDA) had surged to $18.7 billion.

Atiku questioned the timing and motives behind the massive loan request, particularly as the 2027 elections approach.

“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?” he asked.

Warning that the nation’s future is being “signed away in a matter of hours,” Atiku reminded the National Assembly that it was not designed to be a “rubber stamp” for executive requests.

He noted that while borrowing is not inherently wrong, “reckless borrowing, enabled by legislative complacency, is dangerous.”

The former vice president called for transparency and prudence, insisting that history will judge the current administration and the legislature for their choices.

“Nigeria is not a private enterprise to be leveraged at will,” Atiku maintained, urging the Senate to resume its role as a check on executive excesses rather than an extension of them.

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