Abubakar Bukola Saraki was born on 19 December 1962 to the family of Olusola Saraki, a senator (1979–1983) and a one time Senate Leader of the Federal Republic of Nigeria and his mother Florence Morenike Saraki. He attended King’s College, Lagos, from 1973 to 1978, and Cheltenham College in the United Kingdom from 1979 to 1981 for his High School Certificate. He then studied at the London Hospital Medical College of the University of London from 1982 to 1987, where he obtained his M.B.B.S (London).
Saraki worked as a medical officer at Rush Green Hospital, Essex, from 1988 to 1989. He was a director of Société Générale Bank (Nig) Ltd from 1990 to 2000.
In 2000, President Olusegun Obasanjo appointed Saraki as Special Assistant to the President on Budget. During his tenure, Saraki initiated the Fiscal Responsibility Bill. Saraki also served on the Economic Policy Coordination Committee, where he was responsible for the formulation and implementation of several key economic policies for Nigeria.