Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu’s recent ₦1.77 trillion ($2.2 billion) loan request, describing it as a “bone-crushing” burden on Nigerians.
The Senate approved Tinubu’s loan proposal through a voice vote on Wednesday, but Atiku, the 2023 presidential candidate of the Peoples Democratic Party (PDP), expressed deep concerns about its impact on the economy.
In a post on his X (formerly Twitter) handle on Thursday, he accused Tinubu’s administration of mismanaging loans.
“These @officialABAT’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized,” he wrote.
Atiku alleged that the loans are driven by corruption rather than infrastructure and development needs. He cited a report by BudgIT, a budget watchdog, which highlighted inefficiencies and excessive allocations in the 2024 budget.
Atiku lamented Nigeria’s rising debt profile and accused the National Assembly of enabling the borrowing spree.
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“Nigeria is sinking further into debt, and the National Assembly has become an accomplice once more. In July this year, Tinubu boasted that the @FIRSNigeria and @CustomsNG under his watch had collected all-time high revenues to finance the Budget,” Atiku noted.
He questioned why borrowing persists despite these claims of increased revenue.
“Why are they still borrowing? There is something they are not telling Nigerians, even as citizens are crushed by a combination of failed trial-and-error policies and loan rackets,” he added.
Atiku expressed dismay over the country’s return to heavy foreign indebtedness, recalling the debt relief achieved during the administration of President Olusegun Obasanjo, in which he served as vice president.
“I feel a sense of personal agony seeing that just a few years after the administration of President Obasanjo took our country out of foreign indebtedness, we are today back at the top spot in the same conundrum. It is time to apply more caution and arithmetic to the loan frenzy.”
Atiku also referenced a recent World Bank report, which ranked Nigeria as the third-most indebted country to the International Development Association (IDA).
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” he said.
Atiku’s statement adds to growing concerns among Nigerians over the country’s rising debt levels and their implications for economic stability and future development.
