Former Vice President Atiku Abubakar has come down hard on President Bola Ahmed Tinubu over his recent loan request to the National Assembly, warning that the borrowing spree is mortgaging Nigeria’s future.
In a strongly worded statement issued on Thursday, Atiku described Tinubu’s request for a $21.54 billion foreign loan and a ₦758 billion pension bond as “reckless, dangerous, and immoral,” accusing the administration of dragging the country into a debt trap that could cripple generations to come.
“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 stated.
The two-time presidential candidate of the Peoples Democratic Party (PDP) said public debt has surged by 65.6% since Tinubu took office in May 2023, warning that the fresh loan request would push Nigeria’s debt from ₦144.7 trillion to a staggering ₦183 trillion.
“This is not just unsustainable—it is immoral,” Atiku warned. “Tinubu has thrown caution to the wind and turned public finance into a Ponzi scheme—borrowing to pay debts and then borrowing more to pay interest.”
The president’s request to the National Assembly includes $21.54 billion, €2.19 billion, and ¥15 billion, totaling over $24 billion in foreign loans.
Atiku did not mince words in condemning the move, labeling it “economic sabotage.” He urged the National Assembly, civil society organizations, the media, and the international community to intervene before it’s too late.
“We call on lawmakers, civil society organizations, the media, and the international community to take urgent action to stop this looming catastrophe. Nigeria must not be sold into debt slavery,” he said.
Lagos Reporters will continue to monitor developments around this controversial loan request and provide detailed analysis, reactions, and implications for Nigerians across all sectors.
As public concern grows over the country’s rising debt profile and economic hardship, Atiku’s criticism adds to mounting pressure on the Tinubu-led administration to reconsider its fiscal direction.