By Suleiman Anyalewechi
Former Vice President, Atiku Abubakar, has condemned what he described as the Senate’s growing tendency to abdicate its responsibility of acting as a check on executive excesses, with a view to ensuring accountability in the management of the country’s finances.
Atiku’s position is coming against the backdrop of the Senate’s hasty approval of President Bola Tinubu’s fresh $6 billion external loan request on Tuesday.
In a statement from his spokesperson, Phrank Shuaibu, Atiku, while condemning the lightening speed with which the Senate approved the loan request, described the action as reckless and dangerous.
He expressed serious concern that the red chamber of the National Assembly approved the loan request within less than four hours, without subjecting such a serious matter to the required scrutiny.
According to the former Vice President, a decision of such magnitude with implications for unborn generations of the country ought to have been subjected to a thorough analysis and examination before approval.
The National Assembly, Atiku noted, is constitutionally mandated to scrutinize executive requests as a veritable means of protecting public interest.
He, however, expressed serious regret that the Senate has not only abandoned its role, but has become an embarrassing rubber stamp entity.
He described the development as not only disturbing, but dangerous going by the implications of the loan on the country’s economy.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility.
“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”, Atiku stated.
He questioned the approval of such a sensitive and far-reaching matter without an intense debate and scrutiny, noting that the development equally raises serious concern about due process and legislative responsibility.
While admitting the necessity of borrowing at some points in both individuals and nations’ life, the former Vice President, however, noted that such should be done after careful considerations,and in utmost respect for due processes.
He warned against over reliance on borrowing to fund even routine items and obligations, insisting that it is counterproductive to borrow afresh to service old debts.
“Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations is not a strategy. It is a dangerous cycle.
“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”, Atiku added.
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