Atiku accuses Tinubu of driving Nigeria into ‘bone-crushing’ debt
Former Vice President Atiku Abubakar has strongly criticized the Federal Government’s economic policies under President Bola Ahmed Tinubu, accusing the administration of plunging Nigeria into a debt crisis with excessive and poorly managed loans.
Atiku’s remarks follow a recent World Bank report ranking Nigeria as the third most indebted nation to the International Development Association (IDA). Adding to the concern, the government has proposed borrowing an additional N1.7 trillion via Eurobonds to address the 2024 budget shortfall.
In a statement released on Thursday, Atiku questioned the rationale behind the new borrowing plans, highlighting discrepancies in economic policy. He noted that the proposed loans are pegged at an exchange rate of N800 to $1, while the Central Bank of Nigeria’s official exchange rate now exceeds N1,600 to the dollar.
“Why are we still borrowing?” Atiku asked, criticizing the government’s inconsistent messaging. He pointed out that President Tinubu had earlier claimed record-high revenue collection by the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service.
“If revenues are at an all-time high, why then are we borrowing? There’s something they are not telling Nigerians,” he said, adding that citizens are being crushed by what he termed “failed trial-and-error policies and loan rackets.”
Atiku expressed alarm at what he described as a “voracious appetite” for loans driven by corruption rather than developmental priorities, citing a BudgIT report that labeled the 2024 budget a “mess” due to wasteful spending.
Reflecting on Nigeria’s debt history, Atiku lamented the reversal of progress made during former President Olusegun Obasanjo’s administration, which secured significant debt relief.
“Just a few years after President Obasanjo’s administration freed Nigeria from foreign debt, we are now back in the same conundrum,” he said. “These loans are placing insufferable pressure on the economy and the Nigerian people.”
Atiku urged the Federal Government to exercise caution and transparency in its borrowing practices. He warned that unchecked debt accumulation could jeopardize Nigeria’s economic stability and deepen public hardship.
“It is time we apply more caution and arithmetic to the loan frenzy,” Atiku said, advocating for greater accountability in public finance management.
The Federal Government’s fiscal policies, including subsidy removal and the depreciation of the naira, have faced widespread criticism for contributing to rising inflation and economic hardship.
Analysts and opposition figures, including Atiku, argue that mismanagement and corruption are eroding public confidence in the government’s ability to address Nigeria’s economic challenges effectively.
