Former Senate President Bukola Saraki has denied claims that he rubber-stamped foreign loans during his tenure as Senate President.
Saraki made the clarification on Wednesday in a statement issued by his media office. He said every loan request was subjected to rigorous scrutiny by the Senate Committee on Foreign and Local Loans. The former Senate President challenged anyone with contrary evidence to present it, describing the allegation as a deliberate attempt to tarnish his reputation.
He reiterated his commitment to fiscal responsibility and prudent management of public funds throughout his legislative career. The statement comes amid ongoing debates about Nigeria’s rising debt profile and the role of the legislature in approving borrowings.
Saraki’s defence highlights the importance of transparency and accountability in public borrowing. As Nigeria continues to grapple with a heavy debt burden, questions about how loans were approved and utilised have become central in public discourse. The former Senate President’s assertion that all loans underwent proper scrutiny is aimed at countering narratives that portray the 8th Senate as lacking oversight.
Legal and financial experts have noted that the Senate’s role in loan approvals is critical to ensuring that borrowings align with national development priorities and fiscal sustainability. Saraki’s clarification is expected to generate further discussions on the legislature’s responsibility in managing public debt. The statement also underscores the need for proper documentation and public accountability in the approval of foreign loans.
As the debate on Nigeria’s debt profile continues, Saraki’s intervention is likely to shape conversations on legislative oversight and fiscal governance. The former Senate President’s challenge for evidence suggests confidence in the processes followed during his tenure. Stakeholders have called for a comprehensive review of past borrowings to ensure lessons are learned and better mechanisms put in place for future approvals.
