Political Row: Atiku Attacks Senate for Approving Tinubu’s $6B Loan

Atiku Abubakar, a former vice president and leader of the African Democratic Congress, has voiced serious concerns about reports that President Bola Ahmed Tinubu’s request for a new $6 billion external loan was approved by the Senate in a record amount of time—less than four hours after it was presented.

In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku called the incident disturbing as well as troubling.
He pointed out that a decision with such significant national ramifications, one that would further strain an already fragile economy and jeopardize the future of future generations, cannot be handled with such careless rush.

“What Nigerians have seen is a disturbing erosion of oversight responsibility rather than legislative diligence,” he stated.

He emphasized that the National Assembly is a constitutional protection intended to question, examine, and defend the interests of the Nigerian people rather than serving as a mere rubber stamp.

Instead of acting as a constitutional safeguard, the Senate has devolved into a conveyor belt that processes demands of serious national importance without conducting adequate research. Decisions on borrowing that will affect future generations cannot and should not be handled with such careless rush.

“Where was the argument? Where was the in-depth research? What happened to the accountability?Atiku questioned.

He cautioned that accepting a multi-billion-dollar borrowing request in record fast without public review raises serious concerns about the legislature’s devotion to its constitutional duties and due process.

On the surface, these goals might seem standard, but Atiku cautioned that they reveal more serious structural flaws in the country’s financial management.

“It is not a strategy—it is a risky cycle—to turn to new borrowing to pay off old debts, fill budget gaps, and fulfill regular obligations. It shows a concerning lack of sustainable economic planning, defined priorities, and fiscal restraint, he said.
He further grounded his worries in new fiscal indicators, pointing out that the World Bank reported that Nigeria’s exposure to the International Development Association (IDA) had increased to $18.7 billion between January and February 2026, making it one of the world’s biggest recipients of concessional loans.

“Even though the Debt Management Office continues aggressive domestic borrowing through high-volume bond auctions, as evidenced by the March 2026 FGN Bond Offer Circular, the President is requesting an additional $6 billion external loan in March 2026 alone, primarily to finance immediate government obligations and service existing debt,” he continued.

Atiku claims that this trend indicates an unsustainable borrowing trajectory that puts the nation in jeopardy financially.

The former vice president also questioned whether the move represents a conscious effort to mortgage the nation’s future.

He said, “Because that is what it suggests.”

In addition to the growing debt it has already accrued in the first quarter of 2026, what does a government that seems to be getting ready for electoral defeat in 2027 plan to do with an extra $6 billion in borrowed funds?

Atiku emphasized that prudence, not haste, should direct fiscal decisions at a time when Nigeria’s debt profile is still rising and debt payment accounts for a sizable amount of national revenue.

“Reckless borrowing, made possible by legislative complacency, is dangerous, but borrowing itself is not intrinsically bad,” he stated.

The quickness of the approval, he continued, points to a concerning feeling of urgency that undermines trust in the nation’s long-term economic trajectory.

“Nigeria is not a private company that can be used arbitrarily. In a couple of hours, we cannot sign away our country’s future,” he said.

Atiku insisted that Nigerians should have accountability, transparency, and responsible administration and urged the Senate to recall its constitutional function as a check on executive excesses rather as an extension of it.

He said that this moment—and the decisions made—will be documented in history.

“As BUA Food’s N1.77 trillion in revenue and N28 dividend support industrial expansion, Rabiu and Elumelu align on capital size.

However, BUA Group’s founder and chairman, Abdul Samad Rabiu, hosted Tony Elumelu, the chairman of United Bank for Africa, and his executive management team at BUA Group’s corporate headquarters in Lagos in an effort to strengthen a partnership that has quietly supported decades of enterprise growth.

The engagement was more than just a visit; it brought together two organizations whose capital and industrial capacity alignment has continuously translated into scale, execution, and long-term value creation throughout the economies of Nigeria and Africa.

Expanding financing frameworks for large-scale manufacturing, strengthening support for domestic production, and unlocking the next stage of growth across food, infrastructure, and export-oriented value chains were the main topics of discussion.

Reflecting on a nearly three-decade relationship, Rabiu charted its development from Standard Trust Bank’s early years to its current state as an established, reliable alliance with UBA.

“Enduring partnerships are built on conviction, not on transactions,” Rabiu stated. Over the years, we have developed a common understanding of Nigeria’s goals and the necessary steps to achieve them with UBA and the Nigerian financial sector. That connection is just as solid now as it was in the beginning.

Elumelu emphasized the relationship’s strategic significance and placed it within a larger framework of growth led by Africans.

“Organizations like BUA Group show what can happen when disciplined execution and long-term capital come together,” Elumelu stated. “We continue to facilitate that scale, assisting businesses that are not only expanding but also transforming the Nigerian economy.”

At a time when Nigeria’s growth story is increasingly being driven by indigenous size, operational depth, good government action, and persistent investment in genuine industries, the conference symbolizes a further convergence between capital and industry.

BUA Foods, a BUA corporation, issued its audited results for the fiscal year that concluded on December 31, 2025, showing a 16% rise in revenue from N1.53 trillion in 2024 to N1.77 trillion. This is a parallel illustration of that size.

Along with the ongoing implementation of its expansion strategy, the performance shows consistent demand throughout its main categories, which include sugar, flour, pasta, and rice.

Profit after tax increased by 95% to N518.4 billion from N265.99 billion the previous year, while gross profit increased to N737.26 billion from N540.82 billion.

Increased earnings per share to N28.80 further strengthened the company’s earnings profile.

In keeping with its pledge to maximize shareholder value, the Board has suggested a dividend of N28 per share, up 115% from N13 in 2024. Subject to shareholder approval, the total proposed payout is N504 billion.

The cost of sales was N1.037 trillion, but total assets increased by 27% to N1.39 trillion, indicating consistent investment in all aspects of operations and the wider value chain.

“Our 2025 performance reflects a business that is not only growing, but scaling with discipline,” stated Abdul Samad Rabiu, Chairman of BUA Foods, in response to the findings. In addition to positioning for the future, we are expanding local manufacturing, increasing capacity, and consistently providing value to investors.

The Director in charge, Engineer. “Our strategy remains to expand capacity, strengthen market presence, and optimize the full supply chain,” said Ayodele Abioye. There are clear signs of demand, and we are in a good position to maintain this pace.

When combined with the unprecedented performance of BUA Foods, the meeting between BUA Group and UBA suggests a more significant change for Nigeria. Nigeria’s rise should be viewed as a consolidation of industrial leadership rather than merely an expansion, as it is increasingly being molded by institutions that combine scale, capital discipline, and long-term vision.

With its main office in Lagos, Nigeria, BUA Group is one of Africa’s top conglomerates in the manufacturing, mining, food, and infrastructure sectors. BUA, which was founded in 1988 by industrialist Abdul Samad Rabiu, has made large investments in infrastructure and mining, including quarrying and mining, construction, real estate, plaster production, and cement manufacturing.