Former Vice President Atiku Abubakar has slammed President Bola Tinubu’s latest $24 billion loan request, warning that the move will plunge Nigeria deeper into debt and endanger the economic future of generations yet unborn.
In a strongly worded statement posted on his official X handle on Thursday, May 29, Atiku described the borrowing plan as “reckless and dangerous,” accusing the Tinubu administration of fueling an unsustainable debt spiral.
“The announcement by the Tinubu-led APC government to pursue fresh external and domestic loans is a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn,” he wrote.
The federal government recently submitted a new borrowing plan to the National Assembly seeking approval to secure $21.54 billion, €2.19 billion, and ¥15 billion in foreign loans. This is in addition to a ₦758 billion domestic bond.
Atiku warned that the proposal would raise the total public debt from ₦144.7 trillion to ₦183 trillion, adding that the new loans alone account for more than 60 percent of Nigeria’s foreign exchange reserves.
“This move comes while Nigeria’s debt burden is already at alarming levels,” he said.
Backing his concerns with data, Atiku pointed out that the country’s public debt stood at $94 billion (₦144.7 trillion) as of December 31, 2024. He said since Tinubu assumed office in 2023, Nigeria’s debt had increased by 65.6 percent.
He further noted, “Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion.”
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According to Atiku, the debt-to-GDP ratio has already surpassed 50 percent, while the debt-service-to-revenue ratio stands at over 130 percent.
“The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs,” he stated.
He described the borrowing pattern as “a Ponzi scheme,” claiming the government is “borrowing to pay debt, then borrowing again to pay interest.”
Atiku warned, “We are now caught in a vicious cycle that mortgages the future to pay for the past.”
He called for urgent intervention by the National Assembly, civil society, the media, and the international community to halt what he termed “economic sabotage in plain sight.”
“We demand that this reckless borrowing plan be halted immediately,” Atiku wrote. “Nigeria must not be sold into debt slavery.”
President Tinubu’s loan requests are currently before the Senate Committee on Local and Foreign Debts, with a report expected in two weeks.