Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s latest loan request, calling it “bone-crushing” and detrimental to Nigerians.
The Senate recently approved Tinubu’s ₦1.77 trillion ($2.2 billion) loan request through a voice vote. However, Atiku condemned the decision, arguing that such loans exacerbate economic hardship without yielding tangible benefits for the populace.
“These loans by @officialABAT are bone-crushing to Nigerians, imposing insufferable pressure on the economy, especially when they are neither properly negotiated nor utilized effectively,” Atiku wrote on his X handle on Thursday.
He further expressed concerns about corruption driving the government’s borrowing spree, rather than genuine infrastructure and development needs. Citing a report by Budgit, a budget monitoring organization, Atiku noted that the 2024 budget was riddled with excessive and questionable allocations, labeling it a “mess.”
Atiku also accused the National Assembly of enabling the growing debt crisis. “Nigeria is sinking deeper into debt, and the National Assembly has once again become an accomplice,” he said. He questioned the rationale behind continued borrowing, especially after President Tinubu claimed record revenue collections from agencies like the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service earlier this year.
“Why are they still borrowing?” Atiku asked, suggesting that Nigerians were being misled. He attributed the current economic struggles to “failed trial-and-error policies” and what he described as “loan rackets.”
Reflecting on Nigeria’s past, Atiku expressed disappointment that the country, which was freed from foreign debt during President Olusegun Obasanjo’s administration, had returned to heavy indebtedness. “It’s agonizing to see how far we’ve regressed,” he lamented. “This loan frenzy demands more caution and rigorous arithmetic.”
Atiku also referenced a recent World Bank report identifying Nigeria as the third most indebted nation to the International Development Association (IDA), calling the revelation deeply troubling.
“This report underscores the urgency for fiscal discipline and transparency,” he concluded.