Former Senate President Bukola Saraki has defended his record in office, insisting he never approved foreign loan requests without proper scrutiny.
Speaking at the Global Strategic Advisory Group meeting in Villa La Collina, Lake Como, Italy, on Tuesday, Saraki said the Eighth National Assembly prioritised fiscal accountability through open budget hearings, revenue oversight and petroleum sector reforms.
He said the Senate under his leadership resisted attempts to approve external borrowing without examining the purpose and long-term implications of the loans.
“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,” he said.
Saraki argued that many foreign loans were treated as “free gifts” despite the repayment obligations attached to them.
He also described Nigeria’s tax-to-GDP ratio of about six per cent as one of the lowest globally for an economy of its size, warning that continued dependence on foreign aid and external borrowing threatens the country’s economic sovereignty.
The former Kwara State governor urged African countries to strengthen domestic revenue generation, improve institutional governance and accelerate economic reforms instead of relying on donor support.
He added that Africa should seize shifting global dynamics to build an economy driven by trade, industrialisation, innovation and stronger partnerships rather than aid dependency.
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