Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu’s recent request for the National Assembly to approve new foreign loans amounting to approximately $24.14 billion. Atiku described the move as reckless and dangerous, warning that it could plunge Nigeria deeper into debt and economic instability.
According to reports, the proposed loans include $21.54 billion, €2.19 billion, and ¥15 billion, which at current exchange rates total around ₦38.24 trillion. If approved, these loans would push Nigeria’s total public debt from ₦144.67 trillion at the end of 2024 to over ₦182.91 trillion by 2026.
Atiku accused the Tinubu administration of being addicted to borrowing, arguing that the government now spends more on debt servicing than it earns in revenue. He said the continued accumulation of debt is not for genuine development projects but is instead being used to pay off existing loans, creating a dangerous financial cycle.
He likened the government’s borrowing pattern to a Ponzi scheme, where new debts are incurred to settle old ones. This, he said, would lead to an unsustainable financial future and jeopardize Nigeria’s long-term economic health.
Atiku called on the Tinubu administration to immediately halt its loan requests and instead focus on meaningful reforms and responsible fiscal management. He warned that further borrowing without tangible results amounts to economic sabotage and risks leaving future generations with an overwhelming debt burden.
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cc: Daily Post Ng
