Former Senate President Dr. Bukola Saraki has firmly stated that he never approved foreign loans without proper scrutiny while leading the Eighth National Assembly.
Speaking at the Global Strategic Advisory Group meeting in Villa La Collina, Lake Como, Italy, Saraki reflected on his 2015-2019 tenure. He highlighted the Senate's focus on fiscal accountability.
“I challenged the executive on foreign loan approvals and received significant political push-back,” Saraki said. He noted the system was not designed for thorough examination of purpose or impact.
“Many of these loans were accepted as if they were free gifts, yet repayment obligations remained,” he added. Saraki stressed that unchecked borrowing leads to permanent external dependency.
During his leadership, the Senate prioritized open budget hearings and scrutiny of government revenues. It also pushed reforms in the petroleum sector to enhance transparency.
Saraki recalled instances where the chamber demanded justification for borrowings. This approach sometimes drew tension with the executive branch.
He warned against low tax-to-GDP ratios in Africa. Nigeria’s figure, around six percent, underscores the risks of over-reliance on foreign aid and loans.
Reactions on X (formerly Twitter) praised Saraki’s record. Users contrasted it with perceived rubber-stamping in later assemblies, calling his stance one of true legislative independence.
Saraki urged stronger domestic revenue generation and institutional reforms. He advocated for trade and investment over aid dependency across the continent.
His comments come amid ongoing national debates on public debt and oversight responsibilities. The former Kwara governor maintained that a legislature must be able to say no when necessary.
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