Atiku Raises Strong Concerns Over Tinubu’s Latest Economic Move

Former Vice President Atiku Abubakar has raised the alarm over the Tinubu administration’s plan to secure more than $34 billion in fresh foreign loans, warning that the move could plunge Nigeria into deeper economic turmoil.

In a statement released Thursday via his verified X (formerly Twitter) handle, Atiku described the borrowing plan as “reckless, unsustainable, and immoral,” stressing that it would worsen Nigeria’s debt profile and put future generations in jeopardy.

According to him, the proposed loans, totalling $21.54 billion, €2.19 billion, and ¥15 billion, would raise Nigeria’s public debt stock from ₦144.7 trillion to an estimated ₦183 trillion.

“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion,” he said, adding that the loan request amounts to more than 60% of Nigeria’s total foreign exchange reserves.

Atiku didn’t mince words in his criticism. He accused the Tinubu administration of borrowing not to develop infrastructure or boost economic productivity, but merely to service existing debts, a practice he likened to a Ponzi scheme.

“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,” Atiku stated.

Citing figures from the Debt Management Office (DMO), the former vice president noted that Nigeria’s public debt hit $94 billion (₦144.7 trillion) at the end of 2024. He also pointed out that since Tinubu took office in 2023, the nation’s debt has surged by over 65%, and by over 1,000% since the APC took power in 2015.

“Since President Tinubu assumed office, 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 added.

Atiku called on lawmakers, civil society organisations, the media, and the international community to step in and stop what he described as “economic sabotage.”

“We demand that this reckless borrowing plan be halted immediately. Nigeria must not be sold into debt slavery,” he warned.

The outcry comes just as President Tinubu marks his second year in office, with many Nigerians questioning the direction of his economic policies amidst a cost-of-living crisis, weak naira, and rising inflation.

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