₦airaland Forum

Former Vice President, Atiku Abubakar, has slammed President Bola Tinubu’s administration over plans to secure fresh external and domestic loans totaling over $24 billion.

In a statement released on Thursday, Atiku described the borrowing as “reckless and dangerous,” warning that it will mortgage Nigeria’s future and burden unborn generations with unsustainable debt.

President Tinubu’s proposed borrowing includes $21.54 billion, €2.19 billion, and ¥15 billion in fresh loans and according to Atiku, this amount represents more than 60 per cent of Nigeria’s total foreign exchange reserves and would push the country’s total public debt from the current N144.7 trillion to N183 trillion.

Atiku said the public debt stood at $94 billion (N144.7 trillion) as of December 31, 2024 and that this borrowing comes while Nigeria’s debt burden is already at alarming levels.

Atiku said: “The announcement by the Tinubu-led APC government to pursue fresh external and domestic loans is a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.

“Despite national outrage, this administration is pushing ahead with plans to borrow $21.54 billion, €2.19 billion, and ¥15 billion — an equivalent of over $24 billion, which is more than 60 per cent of Nigeria’s total foreign exchange reserves. This borrowing spree will raise our total public debt from N144.7 trillion to a crushing N183 trillion.

“This move comes while Nigeria’s debt burden is already at alarming levels. As of December 31, 2024, public debt stood at $94 billion (N144.7 trillion). Since President Tinubu assumed office in 2023, public debt has jumped by 65.6 per cent.

“Under the APC-led administration since 2015, public debt has ballooned by 1,048 per cent, from N12.6 trillion to N144.7 trillion. The debt-to-GDP ratio has exceeded 50 per cent. The debt-service-to-revenue ratio is over 130 per cent, meaning the government now spends more on repaying loans than it earns

“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.

“This addiction to borrowing, entrenched under the APC-led administration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest. Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.

“We warn that this is economic sabotage in plain sight. We demand that this reckless borrowing plan be halted immediately. 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.

RichBoy247:
There is only one custodian of tge national treasury, his name is Emilokan JAGABAN, all other idiots are just wailers

helinues:
Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?

yarimo:
Someone somewhere is trying very hard to locate developers mumu bottom chaii 🤣

helinues:
Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?

helinues:
Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?

dederocs:
Anyone supporting Atiku is really naive, a man that can condemn killers of Deborah.

yarimo:
Someone somewhere is trying very hard to locate developers mumu bottom chaii 🤣

Bobloco:
…Calls move ‘economic sabotage’

…Says new loans’ll push Nigeria’s debt to N183trn



https://thesun.ng/atiku-attacks-tinubu-over-fresh-borrowing/?amp

Didijiji:
you are more naive

Hat has Deborah death got to do with this

helinues:
Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?