Nigeria’s Debt: Atiku Accuses Tinubu of Reckless Borrowing

• Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s borrowing plan, calling it “reckless and dangerous.”

Atiku expressed concerns that Nigeria’s total public debt would increase from ₦144.7 trillion to ₦183 trillion, describing the borrowing as unsustainable and immoral.Nigeria’s Debt Dilemma: Atiku Accuses Tinubu of Reckless Borrowing”

Former Vice President Atiku Abubakar has slammed President Bola Tinubu’s administration over its plan to pursue fresh external and domestic loans, totaling N40.5 trillion.

Atiku described the move as “reckless and dangerous,” warning that it would mortgage the future of Nigeria and generations yet unborn.

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“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,” Atiku said.

According to Atiku, Nigeria’s public debt has ballooned by 1,048% since 2015, from ₦12.6 trillion to ₦144.7 trillion, with a debt-to-GDP ratio exceeding 50%.

He accused Tinubu’s administration of turning Nigeria’s public finance into a Ponzi scheme, borrowing money to service existing loans rather than investing in development.

“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,” Atiku noted.

Atiku demanded an immediate discontinuation of borrowing, warning against turning the country into debt slavery. “We warn that this is economic sabotage in plain sight. We demand that this reckless borrowing plan be halted immediately,” he stated.

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In contrast, President Tinubu claimed his administration’s policies have improved Nigeria’s debt position. “Our debt position is improving,” Tinubu said, citing a drop in debt service-to-revenue ratio from nearly 100% in 2022 to under 40% by 2024.

He also mentioned that his administration paid off IMF obligations and increased external reserves by almost 500% from $4 billion in 2023 to over $23 billion by the end of 2024.