Atiku Berates N’ASS For Approving Tinubu’s Loan Request Without Due Diligence 

 

 

By Rotela Oguns

 

Former Vice-President Atiku Abubakar has  berated the  National Assembly for approving President Bola Tinubu’s request for a $6 billion external loan without due diligence.

 

 

Atiku reaction came on the heels of the decision by the two houses comprising the National Assembly to ratify the president’s request four hours after presentation.

 

The ex-VP’s criticism of the development was contained in a statement issued by  on Tuesday by Phrank Shaibu, his Senior Special Assistant on Public Communication.

 

The statement stressed that the decision of the National Assembly reeks of rubber stamping and a deliberate attempt to kowtow to the presidency describing  the development as troubling and alarming.

 

According to Atiku, the National Assembly neglected its primary role of ensuring checks and balances as one of the three essential organs of government.

 

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

 

The former vice-president said the national assembly is constitutionally mandated to interrogate executive requests and safeguard the interests of Nigerians.

 

 

“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,” he said.

 

 

“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?”

 

 

 

“Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations is not a strategy—it is a dangerous cycle,” he said.

 

 

 

“It reflects a troubling absence of fiscal discipline, clear prioritisation, and sustainable economic planning.” Atiku added.

 

The former Vice President expressed concerns over the rising debt profile of the country citing data from the World Bank to buttress his point.

 

“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 said.

 

While questioning the rationale for the new loan request, Atiku noted that the pattern suggests an unsustainable borrowing trajectory that could place Nigeria on a dangerous fiscal path.

 

“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.

 

“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous.

“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 added.