Former Vice President Atiku Abubakar has openly criticized President Bola Tinubu’s latest plan to obtain $24 billion in foreign loans, warning that the move could further weaken Nigeria’s economy and plunge future generations into severe financial hardship.
Speaking from Abuja on Wednesday, Atiku described the proposed loan package as a “reckless and immoral” financial decision. He warned that if approved, the borrowing plan would raise Nigeria’s already massive public debt from ₦144.7 trillion to ₦183 trillion. This jump would push the national debt beyond 60% of the country’s total foreign exchange reserves.
Atiku pointed out that the proposed loan consists of $21.54 billion, €2.19 billion, and ¥15 billion. He noted that the country’s public debt as of the end of 2024 stood at $94 billion, and under Tinubu’s leadership alone, the debt had already surged by over 65%.
He went further to say that this debt crisis did not begin with Tinubu, noting that since the All Progressives Congress (APC) came into power in 2015, Nigeria’s debt has grown from ₦12.6 trillion to ₦144.7 trillion — a rise of over 1,000%.
According to Atiku, key economic indicators are sounding alarms: the debt-to-GDP ratio has crossed the 50% mark, and the cost of servicing debt has risen to more than 130% of government revenue. He warned that this trend is putting Nigeria on a path of financial instability.
“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 economic strategy to a Ponzi scheme, where the government keeps borrowing simply to meet previous obligations without making meaningful improvements to the economy.
“Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past,” he warned.
Atiku called for urgent action from lawmakers, media outlets, civil society, and global partners to stop the loan request before further damage is done.
“We demand that this reckless borrowing plan be halted immediately. Nigeria must not be sold into debt slavery,” Atiku stated.
