Former Vice President Atiku Abubakar has hit out at the President Bola Tinubu-led administration for seeking new external and domestic loans.
He described it as reckless and a threat to Nigeria’s economic future.
In a statement on Thursday via X, Atiku said the proposed borrowing of $21.54 billion, €2.19 billion, and ¥15 billion — totaling over $24 billion — would dangerously increase the country’s debt profile, raising concerns about long-term sustainability.
“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion,” Atiku stated, warning that the new loans represent more than 60% of Nigeria’s total foreign exchange reserves.
He noted that Nigeria’s debt burden has already reached alarming levels, with public debt standing at $94 billion (₦144.7 trillion) as of December 31, 2024.
Atiku further said, “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 decried the country’s debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio of over 130%, arguing that the government is spending more on repaying loans than it earns.
“This is not just unsustainable — it is immoral. 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 said.
