Former Vice President Atiku Abubakar sharply criticized President Bola Tinubu’s plan to secure $24 billion in new loans, describing it as reckless and harmful to Nigeria’s economy. Atiku stated in Abuja, labeling the borrowing strategy “economic sabotage in plain sight” that risks deepening the country’s already critical debt crisis and jeopardizing future growth.
The loan proposal includes $21.54 billion, €2.19 billion, and ¥15 billion. If approved, Nigeria’s public debt would rise from ₦144.7 trillion to ₦183 trillion, exceeding 60% of the nation’s foreign exchange reserves. Atiku pointed out that public debt has already surged by 65.6% since Tinubu took office in 2023, and has increased over tenfold since the APC government began in 2015, from ₦12.6 trillion to ₦144.7 trillion.
He emphasized alarming economic indicators: Nigeria’s debt-to-GDP ratio has surpassed 50%, and the debt-service-to-revenue ratio exceeds 130%. According to Atiku, the government is borrowing not to fund development projects but to pay off previous debts, creating a dangerous cycle that blocks investment in infrastructure, education, healthcare, and job creation. He compared the debt strategy to a Ponzi scheme that traps the country in ongoing debt repayment without growth.
Atiku urged lawmakers, civil society, the media, and international partners to oppose the loan plan, calling for an immediate stop to what he described as a path to “debt slavery” for Nigeria.
