Saraki on Nigeria's Foreign Loans
Analysis based on 7 articles · First reported Jul 01, 2026 · Last updated Jul 01, 2026
The statements by Bukola Saraki highlight potential risks to Nigeria's economic sovereignty due to reliance on foreign loans and a low tax-to-GDP ratio, which could negatively impact investor confidence in Nigeria. His call for stronger domestic revenue generation and institutions in Africa could lead to more stable and attractive markets in the long term.
Former Senate President Bukola Saraki stated that he never approved foreign loan requests without proper legislative scrutiny during his tenure (2015-2019), facing political backlash for insisting on accountability. Speaking at the Global Strategy Advisory Group meeting in Italy, Saraki emphasized the Eighth National Assembly's focus on fiscal oversight, open budget hearings, and petroleum sector reforms. He warned that Nigeria's low tax-to-GDP ratio (around six percent) and excessive reliance on foreign aid and borrowing weaken economic sovereignty. Saraki urged African nations to strengthen domestic revenue generation, build robust institutions, and pursue partnerships based on trade and investment rather than aid dependency. He also advocated for transparent budgeting, legislative oversight, judicial independence, credible elections, and investment in youth and innovation for sustainable development.
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