Former Vice President Atiku Abubakar has called out President Bola Ahmed Tinubu’s administration over its plan to obtain over $34 billion fresh loans, warning that the move is ‘reckless’ and could push Nigeria deeper into economic crisis.
In a statement shared on X (formerly Twitter) on Thursday, Atiku criticised the proposed borrowing — which includes $21.54 billion, €2.19 billion, and ¥15 billion — saying it would worsen Nigeria’s already alarming debt burden and threaten the country’s financial stability.
“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion,” Atiku said, noting that the loans account for more than 60% of Nigeria’s total foreign exchange reserves.
Citing official data, Atiku pointed out that Nigeria’s public debt had already reached $94 billion (₦144.7 trillion) by the end of 2024.
He further claimed that under Tinubu’s leadership since 2023, public debt has surged by over 65%, and by more than 1,000% since the APC came to power in 2015.
“Since President Tinubu assumed office in 2023, public debt has jumped by 65.6%. Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion.”
He didn’t hold back in his criticism, describing the government’s borrowing pattern as unsustainable and unethical.
“This is not just unsustainable — it is immoral,” Atiku said. “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.”
Atiku likened the government’s debt strategy to a “Ponzi scheme” and described the overall borrowing plan as “economic sabotage.”
He warned that Nigeria is now stuck in a debt trap that mortgages the future just to stay afloat in the present.
Sounding the alarm, the former Vice President urged urgent intervention.
He called on lawmakers, civil society groups, the media, and the international community to resist what he described as a looming economic disaster.
“We demand that this reckless borrowing plan be halted immediately,” he said. “We call on lawmakers, civil society organisations, the media, and the international community to take urgent action to stop this looming catastrophe. Nigeria must not be sold into debt slavery.”
The statement comes as President Tinubu marks two years in office, amid growing debate over his economic policies and mounting concerns about the country’s fiscal direction.
