Atiku Abubakar, the former vice president and leader of the African Democratic Congress, has voiced serious concerns about reports that President Bola Ahmed Tinubu’s request for a new $6 billion external loan was approved by the Senate in a record amount of time—less than four hours after it was presented.

In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku called the incident disturbing as well as concerning.
He pointed out that a choice with such significant national ramifications, one that will put more strain on an already fragile economy and jeopardize the future of future generations, cannot be handled with such irresponsible speed.

“What Nigerians have seen is a troubling erosion of oversight responsibility, not legislative diligence,” he stated.

He emphasized that the National Assembly is a constitutional protection intended to question, examine, and defend the interests of the Nigerian people rather than serving as a simple rubber stamp.

Instead of acting as a constitutional safeguard, the Senate has become a conveyor belt that processes demands with significant national implications without conducting adequate research. This kind of careless rush cannot and should not be applied to borrowing decisions that would constrain future generations.

“Where did the discussion take place? Where was the thorough analysis? Where was the responsibility?Atiku asked.

He cautioned that accepting a multibillion-dollar borrowing request in record fast without public review raises grave concerns about the legislature’s devotion to its constitutional role and due process.

Atiku cautioned that although these goals might seem ordinary on the surface, they reveal more serious structural flaws in the country’s financial management.

“It is not a strategy—it is a risky cycle—to turn to new borrowing to pay off current debts, fill budget gaps, and fulfill regular obligations. It shows a concerning lack of sustainable economic planning, clear prioritization, and fiscal restraint, he said.
He further grounded his worries in new fiscal data, pointing out that the World Bank revealed that Nigeria’s exposure to the International Development Association (IDA) had increased to $18.7 billion between January and February 2026, making it one of the world’s biggest recipients of concessional loans.

“Even as the Debt Management Office continues aggressive domestic borrowing through high-volume bond auctions, as evidenced by the March 2026 FGN Bond Offer Circular, the President is requesting an additional $6 billion external loan in March 2026 alone, primarily to finance immediate government obligations and service existing debt,” he continued.

Atiku claims that this pattern indicates an unsustainable borrowing trajectory that puts the nation in a risky financial situation.

The former vice president went on to wonder if this was an intentional attempt to mortgage the nation’s future.

“Because it implies that,” he continued.

In addition to the growing debt it has already accrued in just the first quarter of 2026, what does a government that seems to be getting ready for electoral defeat in 2027 plan to do with an extra $6 billion in borrowed funds?

Atiku emphasized that fiscal decisions should be made with caution rather than hastiness at a time when Nigeria’s debt profile is still rising and debt servicing takes up a large amount of the country’s income.

He stated, “Borrowing is not intrinsically bad, but reckless borrowing, made possible by legislative complacency, is dangerous.”

“The speed of the approval suggests a troubling sense of desperation, which does not inspire confidence in the long-term direction of the country’s economy,” he continued.

“Nigeria is not a business that can be exploited at will. We cannot sign away our country’s destiny in a matter of hours,” he said.

Atiku emphasized that Nigerians want openness, accountability, and responsible governance and urged the Senate to keep in mind its constitutional function as a check on executive excesses rather as an extension of it.

“History will record this moment—and the choices made,” he said in closing.

A.Due to BUA Food’s N1.77 trillion in revenue and N28 dividend, Rabiu and Elumelu are aligned on capital size and industrial expansion.

However, BUA Group’s founder and chairman, Abdul Samad Rabiu, hosted Tony Elumelu, the chairman of United Bank for Africa, and his executive management team at BUA Group’s corporate headquarters in Lagos in an effort to strengthen a partnership that has subtly supported decades of enterprise growth.

The engagement was more than just a visit; it brought together two organizations whose industrial capabilities and capital alignment have continuously resulted in scale, execution, and long-term value creation throughout the economies of Nigeria and Africa.

A reinvigorated drive to broaden financing frameworks for large-scale manufacturing, strengthen local production assistance, and unleash the next stage of growth across food, infrastructure, and export-oriented value chains was at the center of discussions.

Reflecting on a nearly three-decade connection, Rabiu charted its development from Standard Trust Bank’s early days to its current state as an established, reliable alliance with UBA.

According to Rabiu, “lasting partnerships are built on conviction rather than transactions.” Over the years, UBA and the Nigerian financial sector have developed a common sense of Nigeria’s future and the steps necessary to get there. That connection is still as strong now as it was in the beginning.

Elumelu positioned the partnership within a larger framework of African-led growth, highlighting its strategic significance.

According to Elumelu, “institutions like BUA Group demonstrate what is possible when long-term capital meets disciplined execution.” “It is our responsibility to keep facilitating that scale, assisting businesses that are not only expanding but also transforming the Nigerian economy.”

At a time when Nigeria’s growth story is increasingly being driven by indigenous size, operational depth, good government action, and persistent investment in genuine industries, the gathering represents a continued convergence of capital and industry.

Parallel to this, BUA Foods, a BUA company, announced its audited results for the fiscal year that concluded on December 31, 2025, showing sales of N1.77 trillion, up 16% from N1.53 trillion in 2024.

Along with ongoing implementation of its expansion strategy, the performance shows consistent demand across its main categories, which include rice, sugar, flour, and pasta.

Profit after tax increased by 95% to N518.4 billion from N265.99 billion in the previous year, while gross profit increased to N737.26 billion from N540.82 billion.

The company’s profitability profile was strengthened by a rise in earnings per share to N28.80.

The Board has proposed a dividend of N28 per share, a 115% increase from N13 in 2024, in keeping with its commitment to shareholder value. Subject to shareholder approval, the total proposed payout is N504 billion.

Total assets increased by 27% to N1.39 trillion, demonstrating consistent investment throughout businesses and the wider value chain, while the cost of sales was N1.037 trillion.

BUA Foods Chairman Abdul Samad Rabiu commented on the results, saying, “Our 2025 performance reflects a business that is not only growing, but scaling with discipline.” We are positioning for the future while increasing capacity, strengthening local production, and consistently providing value to shareholders.

The Director of Management, Engr. “Our strategy remains to expand capacity, strengthen market presence, and optimize the full supply chain,” Ayodele Abioye continued. We are in a good position to maintain this pace because the demand signals are strong.

When combined with BUA Foods’ outstanding success, the meeting between BUA Group and UBA suggests a more significant change for Nigeria. Institutions that combine scale, capital discipline, and long-term vision are increasingly shaping Nigeria’s progress, which should be viewed as a consolidation of industrial leadership rather than merely an expansion.

With its headquarters located in Lagos, Nigeria, BUA Group is a prominent manufacturing, mining, food, and infrastructure corporation in Africa. BUA was founded in 1988 by industrialist Abdul Samad Rabiu and has substantial investments in infrastructure and mining, including construction, real estate, plaster production, cement manufacturing, quarrying, and mining.

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The new $6 billion loan request that President Bola Tinubu sent to the legislators was accepted by the Senate on Tuesday.

According to reports, Senate President Godswill Akpabio read the request letter on the same day that the lawmakers authorized the new loan.

After Senator Aliyu Wamakko, the chairman of the Senate Committee on Local and Foreign Debts, presented and reviewed the report, the Senate approved the loans.

As previously mentioned, President Tinubu had written to the Senate requesting permission to borrow a total of $6 billion in order to fund important government initiatives and close budgetary deficits.

The demands were read at Tuesday’s plenary and were contained in two different letters submitted to Godswill Akpabio, the Senate President.

The President asked Abu Dhabi Bank for permission to borrow $5 billion in the first letter.

The President claims that among other fiscal commitments, the facility will be utilized to support debt financing and cover the country’s budget deficit.

The request is a component of the Federal Government’s attempts to maintain current government initiatives and stabilize public finances.

Tinubu also asked London Citi Bank for permission to get a $1 billion UK Export Finance lending facility in a different correspondence.

Key port facilities, such as the Lagos Port Complex and Tin Can Island Port, will be renovated with the help of the loan.

According to the President, the project intends to address serious infrastructure shortcomings in the nation’s maritime industry.

He claims that the renovation will boost safety standards, increase efficiency, and aid Nigeria’s attempts to diversify its economy away from oil.

Additionally, he stated that the project would improve Nigeria’s standing as a hub for regional trade.

The Upper Legislative Chamber has now reviewed and approved both requests.

The post Senate Gives Nod to Tinubu’s $6 Billion Loan Request appeared first on TheNigerian.

In order to fund important government initiatives and close budgetary deficits, President Bola Tinubu has written to the Senate requesting permission to borrow a total of $6 billion.

The demands were read at Tuesday’s plenary and were contained in two different letters submitted to Godswill Akpabio, the Senate President.

The President asked Abu Dhabi Bank for permission to borrow $5 billion in the first letter.

The President claims that among other fiscal commitments, the facility will be utilized to support debt financing and cover the country’s budget deficit.

The request is a component of the Federal Government’s attempts to maintain current government initiatives and stabilize public finances.

Tinubu also asked London Citi Bank for permission to get a $1 billion UK Export Finance lending facility in a different correspondence.

Key port facilities, such as the Lagos Port Complex and Tin Can Island Port, will be renovated with the help of the loan.

According to the President, the project intends to address serious infrastructure shortcomings in the nation’s maritime industry.

He claims that the renovation will boost safety standards, increase efficiency, and aid Nigeria’s attempts to diversify its economy away from oil.

Additionally, he stated that the project would improve Nigeria’s standing as a hub for regional trade.

After the demands were presented, Senate President Akpabio forwarded the letters to Senator Aliyu Wamakko’s Senate Committee on Local and Foreign Debts.

The post Tinubu Seeks Senate Nod for $6 Billion Loan Request appeared first on TheNigerian.