Former Vice President Atiku Abubakar has criticised the reported rapid approval of a $6 billion external loan request by President Bola Tinubu, describing the process as a case of “reckless urgency.”

Atiku, who is a member of the African Democratic Congress, raised concerns over reports that the Senate approved the request within a few hours of its presentation, questioning the depth of legislative scrutiny applied.

In a statement released through his Senior Special Assistant on Public Communication, Phrank Shaibu, he said the development raises serious concerns about its implications for the country’s economy, especially as it involves long-term financial commitments.

He argued that such significant financial decisions, which could place additional burdens on the economy and future generations, require careful consideration rather than haste. According to him, the situation reflects a decline in proper oversight by the legislature.

Atiku maintained that the National Assembly is expected to act as a check on executive power by thoroughly reviewing requests and safeguarding public interest, rather than approving them without adequate scrutiny

He questioned the absence of debate and detailed analysis before the approval, insisting that due process must not be compromised in matters of national importance.

While acknowledging that borrowing can be necessary, Atiku warned against what he described as an overreliance on debt to finance routine government spending and address budgetary gaps.

He noted that Nigeria’s increasing exposure to external and domestic borrowing raises concerns about fiscal sustainability and long-term economic stability.

According to him, the growing trend of borrowing without clear evidence of rigorous oversight could push the country into a cycle of unsustainable debt accumulation.

Atiku further stressed that the speed of the approval process reflects a level of urgency that does not inspire confidence in the country’s financial management direction.

He urged the Senate to uphold its constitutional responsibility by ensuring transparency, accountability, and thorough scrutiny of executive proposals that affect the nation’s financial future.