Atiku Urges Tinubu to Halt ‘Reckless’ Borrowing Amid Rising Debt Concerns

Former Vice President Atiku Abubakar has strongly criticized the Bola Tinubu-led administration over its plan to secure new foreign and domestic loans, describing the move as reckless and dangerous for Nigeria’s economic stability.

In a statement released Thursday via his official X account, Atiku expressed deep concern over the federal government’s proposal to borrow $21.54 billion, €2.19 billion, and ¥15 billion—amounting to over $24 billion in total. He warned that this would significantly inflate the country’s public debt and place an unbearable financial burden on future generations.

“The administration’s borrowing spree could push Nigeria’s total public debt from ₦144.7 trillion to an overwhelming ₦183 trillion,” Atiku stated. He emphasized that the new borrowing would represent over 60% of Nigeria’s entire foreign exchange reserves.

Atiku also pointed out that the country’s debt had already reached a worrisome level, citing a total public debt of $94 billion (₦144.7 trillion) as of December 31, 2024. He argued that taking on further debt without a clear, productive economic strategy would only worsen Nigeria’s fiscal challenges and threaten long-term sustainability.

Atiku further said, “Since President Tinubu assumed office in 2023, 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 decried the country’s debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio of over 130%, stating that the government is spending more on repaying loans than it actually 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,” he said.

The former Vice President described the pattern of borrowing as a “Ponzi scheme,” warning that “Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.”

Calling the plan economic sabotage, Atiku urged immediate action to stop what he described as a looming catastrophe.

“We demand that this reckless borrowing plan be halted immediately. We call on lawmakers, civil society organisations, the media, and the international community to take urgent action to stop this looming catastrophe. Nigeria must not be sold into debt slavery,” he added.