Former Vice President Atiku Abubakar has sharply criticized the Bola Tinubu administration’s plan to acquire over $24 billion in new foreign and domestic loans, calling the move “reckless” and a serious threat to Nigeria’s economic stability.
In a statement posted Thursday via his official X (formerly Twitter) handle, Atiku warned that the proposed loans — totaling $21.54 billion, €2.19 billion, and ¥15 billion — would push Nigeria’s total public debt to ₦183 trillion, up from ₦144.7 trillion as of the end of 2024.
“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion,” Atiku said.
He stressed that the new loans represent over 60% of Nigeria’s total foreign exchange reserves, further endangering the country’s financial position.
According to the former vice president, Nigeria’s debt has spiraled out of control under the ruling All Progressives Congress (APC).
“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,” Atiku noted.
He further highlighted Nigeria’s troubling debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio of over 130%, stating that the government is now spending more on repaying loans than it earns in revenue.
“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.”
Describing the approach as an economic “Ponzi scheme”, Atiku warned that Nigeria is “caught in a vicious cycle that mortgages the future to pay for the past.”
He urged the National Assembly, civil society groups, the media, and the international community to intervene and halt what he called a looming economic catastrophe.
“We demand that this reckless borrowing plan be halted immediately,” he said.
“Nigeria must not be sold into debt slavery.”
The Tinubu administration has not yet issued a formal response to Atiku’s statement. The borrowing proposals, submitted to the National Assembly earlier this month, are part of government plans to fund infrastructure, health, education, and energy projects, according to officials.
