TINUBU’S $24bn LOAN REQUEST A RECKLESS, IMMORAL GAMBLE

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By Oduola F.A.

Former Vice President Atiku Abubakar has fiercely criticised President Bola Tinubu’s proposed plan to secure $24 billion in new loans, calling it reckless, unsustainable, and a looming threat to Nigeria’s economic future.

In a statement issued Wednesday in Abuja, Atiku described the move as “economic sabotage in plain sight,” warning that the borrowing spree would deepen Nigeria’s debt crisis and further mortgage the nation’s future.

The proposed loan package comprises $21.54 billion, €2.19 billion, and ¥15 billion, which, if approved, would balloon Nigeria’s public debt from ₦144.7 trillion to ₦183 trillion — an amount that surpasses 60% of the country’s foreign exchange reserves.

“This move comes while Nigeria’s debt burden is already at alarming levels. As of December 31, 2024, public debt stood at $94 billion (₦144.7 trillion). Since President Tinubu assumed office in 2023, public debt has jumped by 65.6%,” Atiku said.

He further noted that under the All Progressives Congress (APC)-led administration since 2015, the country’s debt profile has skyrocketed by 1,048% — from ₦12.6 trillion to ₦144.7 trillion.

According to him, Nigeria’s key economic indicators paint a worrying picture: the debt-to-GDP ratio has exceeded 50%, and the debt-service-to-revenue ratio is over 130%.

“This is not just unsustainable — it is immoral,” Atiku said. “The Tinubu administration is borrowing money not for capital development, but merely to service existing debt, fueling a dangerous spiral that leaves no room for investment in infrastructure, education, healthcare, or job creation.”

He likened the current debt model to a Ponzi scheme, where the government borrows simply to pay back previous loans and interest, trapping the country in a perpetual cycle of debt.

“Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past,” he warned.

Calling for urgent intervention, the former vice president urged lawmakers, civil society organisations, the media, and the international community to rise in opposition to the loan proposal.

“We demand that this reckless borrowing plan be halted immediately. Nigeria must not be sold into debt slavery,” Atiku stated emphatically.