Former Senate President Dr. Bukola Saraki has asserted that he never approved foreign loan requests during his tenure. He explained that he faced political challenges for demanding thorough examination of every borrowing proposal.
At the Global Strategic Advisory Group meeting in Villa La Collina, Lake Como, Italy, Saraki highlighted that the Eighth National Assembly focused on fiscal responsibility, promoting transparency in budget processes, scrutinizing government revenue, and reforming the petroleum sector.
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Reflecting on his term from 2015 to 2019, he stated, “During my time as Senate President, we prioritized fiscal oversight, introduced open budget hearings, tackled issues regarding unremitted revenues, and worked on reforms in the petroleum industry.
“These were challenging battles, but they were essential to prevent a permanent external reliance,” he emphasized.
Saraki noted that he resisted pressure to authorize foreign loans without proper legislative review. “I challenged the executive on foreign loan approvals and faced considerable political resistance, as the system was not structured for adequate oversight regarding purpose or impact. Many loans were treated as if they were free grants, yet obligations for repayment persisted,” he stated.
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The former governor of Kwara State also cautioned that Nigeria’s tax-to-GDP ratio, around six percent, is among the lowest globally for an economy of its size, arguing that an over-dependence on foreign aid and borrowing undermines economic sovereignty.
He contended that Africa should enhance domestic revenue generation, establish stronger institutions, and pursue partnerships centered on trade, industrialization, and investment instead of relying on aid.
Additionally, he urged governments across the continent to focus on transparent budgeting, legislative oversight, judicial independence, credible elections, and greater investments in youth, education, and innovation to achieve sustainable development.
