Former Senate President, Dr. Bukola Saraki, has insisted he never rubber-stamped foreign loan requests during his time in office, saying he faced political backlash for insisting on proper scrutiny of every borrowing proposal.
Speaking at the Global Strategic Advisory Group meeting in Villa La Collina, Lake Como, Italy, Saraki said the Eighth National Assembly prioritised fiscal accountability through open budget hearings, scrutiny of government revenues and reforms in the petroleum sector.
Reflecting on his tenure from 2015 to 2019, he said, “During my tenure as Senate President, we placed strong emphasis on fiscal oversight, introducing open budget hearings, confronting the issue of unremitted revenues held outside the treasury system, and working on petroleum sector governance reform.
“These were not easy fights. But they were necessary ones, because the alternative is permanent external dependency,” he noted.
Saraki stressed that he resisted pressure to approve foreign loans without adequate legislative oversight.
“I challenged the executive on foreign loan approvals and received significant political push-back because the system was not designed to support proper scrutiny of purpose or impact. Many of these loans were accepted as if they were free gifts, yet repayment obligations remained,” he said.
The former Kwara State governor also warned that Nigeria’s tax-to-GDP ratio of about six per cent is one of the lowest in the world for an economy of its size, arguing that excessive reliance on foreign aid and borrowing weakens economic sovereignty.
According to him, Africa must strengthen domestic revenue generation, build stronger institutions and pursue partnerships based on trade, industrialisation and investment rather than aid dependency.
He also urged governments across the continent to prioritise transparent budgeting, legislative oversight, judicial independence, credible elections and greater investment in youth, education and innovation to achieve sustainable development.
