Politics
FORMER Senate President, Bukola Saraki, says he never approved foreign loan requests without proper legislative scrutiny during his tenure.
Saraki spoke at the Global Strategic Advisory Group meeting in Villa La Collina, where he reflected on his stewardship of the Eighth National Assembly.
He said the Senate prioritised fiscal accountability through open budget hearings, scrutiny of government revenues and reforms in the petroleum sector.
“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 said.
Saraki said he resisted pressure to approve foreign loan requests 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 governor of Kwara State warned that Nigeria’s tax-to-GDP ratio of about six per cent remained among the lowest globally for an economy of its size.
He said excessive reliance on foreign aid and borrowing weakened economic sovereignty and called for stronger domestic revenue mobilisation.
Saraki urged African governments to strengthen institutions, promote transparent budgeting, legislative oversight, judicial independence and credible elections.
He also advocated greater investment in youth, education and innovation, while encouraging partnerships anchored on trade, industrialisation and investment rather than aid dependency.
Tags: Foreign Loans Saraki