Former Vice President Atiku Abubakar has issued a strong warning against the Tinubu administration’s fresh plan to secure over $24 billion in new loans, calling it a “reckless and dangerous” move that risks mortgaging Nigeria’s future.
In a statement released on Tuesday, Atiku condemned President Bola Ahmed Tinubu’s borrowing agenda, which includes $21.54 billion, €2.19 billion, and ¥15 billion in external and domestic loans. The combined value exceeds 60% of Nigeria’s current foreign reserves.
“This borrowing spree will push our total debt stock from ₦144.7 trillion to a staggering ₦183 trillion. This is not just unsustainable — it is immoral,” Atiku noted in the statement.
Atiku said that since Tinubu took office in 2023, Nigeria’s public debt has surged by over 65%, continuing a trend that began under the APC-led government in 2015. According to Atiku, public debt has ballooned by 1,048% since then, rising from ₦12.6 trillion to ₦144.7 trillion.
The former vice president warned that Nigeria’s debt profile now poses a serious threat to national stability. He pointed out that the debt-to-GDP ratio has surpassed 50%, while the government’s debt-service-to-revenue ratio stands at a worrying 130%.
“This means the country is spending more on repaying loans than it is earning. There’s no money left for roads, education, healthcare, or jobs — only for interest payments,” he said.
Atiku likened the current debt strategy to a Ponzi scheme, accusing the Tinubu administration of borrowing not for development but to service existing debts.
“This is a debt trap. A vicious cycle. Public finance under this government has become a revolving door of borrowing to repay loans, then borrowing again to repay interest. It’s economic sabotage in plain sight,” he declared.
He called on the National Assembly, civil society, the media, and the international community to intervene and stop what he described as “looming catastrophe.”
“Nigeria must not be sold into debt slavery,” Atiku said. “We must act now before the damage becomes irreversible.”
The former vice president’s comments add to growing national concern over the country’s debt burden and come amid increasing pressure on the government to adopt more sustainable fiscal policies.
