Former Vice President Atiku Abubakar has criticized the Tinubu administration’s plan to secure new domestic and foreign loans, calling it reckless and dangerous for Nigeria’s economic future.
In a statement posted Thursday on X, Atiku condemned the proposed borrowing of $21.54 billion, €2.19 billion, and ¥15 billion, which totals over $24 billion.
He warned that the move would increase Nigeria’s total public debt from ₦144.7 trillion to ₦183 trillion, accounting for more than 60% of the country’s foreign exchange reserves.
He noted that public debt already stands at $94 billion and has risen 65.6% since Tinubu took office in 2023. Under the APC-led government, debt has grown by 1,048% since 2015.
Atiku argued that with a debt-to-GDP ratio exceeding 50% and debt service costing more than 130% of national revenue, Nigeria is now borrowing primarily to repay existing loans, leaving little for infrastructure, healthcare, education, or job creation.
