Former Vice President and 2023 Presidential Candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has issued a stern warning to President Bola Ahmed Tinubu and the All Progressives Congress (APC)-led federal government over its fresh borrowing plans, describing them as a “reckless and dangerous move” that threatens the economic future of Nigeria.
In a statement released on Thursday, Atiku criticised the administration’s intent to secure fresh external and domestic loans totalling over $24 billion, including $21.54 billion, €2.19 billion, and ¥15 billion. He warned that these new loans would raise Nigeria’s total public debt from ₦144.7 trillion to an alarming ₦183 trillion, effectively mortgaging the nation’s future.
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.
According to Atiku, Nigeria’s debt situation has reached crisis levels. As of December 31, 2024, the country’s public debt stood at $94 billion (₦144.7 trillion), a staggering 1,048% increase from ₦12.6 trillion in 2015 when the APC assumed power. He added that since President Tinubu took office in 2023, the debt level has risen by over 65.6%.
Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion The debt-to-GDP ratio has exceeded 50%. The debt-service-to-revenue ratio is over 130%, meaning the government now spends more on repaying loans than it earns, he noted.
Atiku likened the federal government’s fiscal strategy to a “Ponzi scheme,” accusing it of continuously borrowing just to service existing debts without any tangible impact on citizens’ lives.
Calling on all stakeholders, Atiku urged the lawmakers, civil society organisations, the media, and the international community to intervene and halt what he described as “a looming catastrophe.”
Nigeria must not be sold into debt slavery, he warned.
Recall that since assuming office in May 2023, Tinubu has introduced significant policy changes, including ending the petrol subsidy and floating the naira, pushing up prices and making living conditions harder for many Nigerians.
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