Your endless borrowings becoming threat to Nigeria’s future – Atiku slams Tinubu

Former Vice President Atiku Abubakar has come down hard on President Bola Tinubu’s administration over its latest request for new external and domestic loans, describing the move as reckless and dangerous for Nigeria’s economic stability.

In a statement shared Thursday via his X handle, Atiku condemned the federal government’s plan to borrow $21.54 billion, €2.19 billion, and ¥15 billion, a sum exceeding $24 billion, warning that it would dangerously swell the country’s debt stock.

“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion,” Atiku cautioned, adding that the new loans amount to over 60 percent of Nigeria’s total foreign reserves.

He noted that as of December 2024, Nigeria’s public debt stood at $94 billion (₦144.7 trillion).

According to him, since Tinubu assumed office in 2023, public debt has already risen by 65.6%.

The former Vice President further pointed out that under the APC-led government since 2015, Nigeria’s debt has ballooned by a staggering 1,048%, moving from ₦12.6 trillion to ₦144.7 trillion.

Atiku expressed concern that the country’s debt-to-GDP ratio has now exceeded 50%, while the debt-service-to-revenue ratio has hit over 130%, a situation he described as “not just unsustainable but immoral.”

He accused the Tinubu administration of plunging the nation into a debt trap, borrowing not for developmental projects but to service old loans, thereby deepening a debt cycle that leaves little for critical sectors like infrastructure, education, healthcare, and employment.

“This is nothing short of a Ponzi scheme,” Atiku remarked. “Nigeria is now caught in a vicious cycle that mortgages its future to pay for the past.”

He urged lawmakers, civil society groups, the media, and the international community to rise in opposition against what he termed economic sabotage, calling for an immediate halt to the loan request.

“We demand that this reckless borrowing plan be stopped without delay. Nigeria must not be sold into debt slavery,” Atiku declared.