Former Senate President Bukola Saraki has defended his record in office, saying the Eighth National Assembly never approved foreign loan requests from the executive without proper scrutiny, insisting that fiscal accountability and due process guided the Senate’s decisions during his tenure.
Saraki made the remarks while reflecting on the National Assembly’s handling of external borrowing between 2015 and 2019, amid ongoing public debate over Nigeria’s rising debt profile and the legislature’s oversight role.
According to the former Senate President, the Senate under his leadership carefully examined every request for foreign borrowing before granting approval, rejecting suggestions that lawmakers merely endorsed executive proposals.
“I never rubber-stamped foreign loans as Senate President,” Saraki said, maintaining that the Eighth Senate insisted on transparency, accountability and compliance with legal requirements before approving any external borrowing.
He noted that the Senate often demanded additional documentation, including detailed project plans, borrowing terms and implementation frameworks, before considering loan requests submitted by the executive arm of government.
Saraki argued that the legislature’s oversight function was essential to ensuring that borrowed funds were tied to viable infrastructure and development projects capable of delivering measurable economic benefits.
During his tenure as Senate President from 2015 to 2019, relations between the National Assembly and the executive were frequently marked by disagreements over budget implementation, appointments and requests for external borrowing. Several loan proposals were delayed as lawmakers sought further clarification from the executive before granting approval.
The former Senate President said the Eighth Senate’s approach demonstrated its commitment to protecting public finances and strengthening institutional accountability rather than frustrating government policies.
Nigeria’s public debt has remained a subject of national discussion in recent years, with economists and policy experts calling for prudent borrowing and improved transparency in the management of loan proceeds.
Successive administrations have maintained that external borrowing is necessary to finance critical infrastructure, close funding gaps and support economic development. However, analysts have continued to urge stricter legislative oversight to ensure that loans are sustainable and used for their intended purposes.
Saraki’s comments come amid renewed conversations about the National Assembly’s role in approving government borrowing and the need for greater fiscal discipline as Nigeria grapples with rising debt obligations and economic challenges.
