Former Vice President Atiku Abubakar has criticized the administration of President Bola Ahmed Tinubu for its rising appetite for loans, describing the policies as “bone-crushing” to Nigerians and detrimental to the economy.
In a statement issued on Wednesday, Atiku expressed alarm over a recent World Bank report that ranks Nigeria as the third most indebted nation to the International Development Association (IDA).
This report comes as the government seeks National Assembly approval to borrow an additional N1.7 trillion through Eurobonds to address a shortfall in the 2024 budget.
Atiku highlighted the alarming disparity in the proposed loan’s benchmark exchange rate of N800 to $1, compared to the Central Bank of Nigeria’s current rate of over N1,600 to $1. “Despite claims of record-breaking revenue generation by FIRS and Customs, the government continues to pile up debt. This raises questions about transparency and the true state of the nation’s finances,” Atiku said.
The former Vice President accused the administration of mismanaging borrowed funds, alleging that corruption, rather than infrastructure development, drives the loan frenzy. He referenced a report by budget advocacy group BudgIT, which criticized the 2024 budget for excessive and wasteful allocations.
“It is painful to see Nigeria back in a debt crisis, just years after President Obasanjo’s administration cleared our foreign debts. This reckless borrowing is plunging the country into a deeper economic mess,” Atiku stated.
He called for greater accountability and a more cautious approach to borrowing, warning that continued reliance on unsustainable loans could worsen economic hardship for Nigerians.
Atiku’s statement comes amid growing criticism of Tinubu’s economic policies, with many citizens decrying rising inflation, a depreciating naira, and increased living costs.
