Former Vice President Atiku Abubakar has sharply criticized President Bola Tinubu’s administration for its plan to seek over $24 billion in new loans, calling the move reckless and a threat to Nigeria’s economic stability.
In a statement on Thursday via X, Atiku highlighted that the proposed borrowing of $21.54 billion, €2.19 billion, and ¥15 billion would dangerously increase Nigeria’s debt burden from ₦144.7 trillion to an alarming ₦183 trillion. He warned that this amount represents more than 60% of the country’s foreign exchange reserves, raising serious concerns about long-term debt sustainability.
Atiku pointed out that Nigeria’s public debt had already reached $94 billion (₦144.7 trillion) by the end of 2024 and noted a 65.6% increase since Tinubu took office in 2023. He further revealed that under the APC government since 2015, debt had ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion. The former Vice President condemned the current debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio over 130%, emphasizing that the government is spending more on loan repayments than it earns.
“This is not just unsustainable — it is immoral,” Atiku said, accusing the Tinubu administration of borrowing not for development but to service existing loans, creating a debt spiral that starves critical sectors like infrastructure, education, healthcare, and employment. He described the borrowing pattern as a “Ponzi scheme” that mortgages Nigeria’s future to pay for past debts and called for an immediate halt to this “reckless borrowing plan.” Atiku urged lawmakers, civil society, the media, and the international community to intervene to prevent what he termed a looming economic catastrophe.
