Bukola Saraki, the former President of the Nigerian Senate, stated that he faced significant backlash from the executive branch for attempting to scrutinize foreign loan requests during his time in office. Serving between 2015 and 2019 under the presidency of the late Muhammadu Buhari, Saraki asserted that he sought to enforce greater financial accountability and reform within the National Assembly.
Speaking at the Global Strategic Advisory Group meeting held in Lake Como, Italy, Saraki highlighted that Nigeria’s developmental progress is severely hindered by a low tax-to-GDP ratio. He noted that his administration pushed for transparent budget hearings and investigated missing government revenues, which he described as essential but difficult battles.
Reflecting on his past efforts, the former Kwara State governor emphasized that the legislative environment was not structured to allow for deep examination of the impact or necessity of international borrowing. He warned that many officials treated these loans as non-repayable funds, ignoring the long-term debt consequences for the country.
