By Tajudeen Balogun
Former Vice President, Atiku Abubakar has criticized President Bola Tinubu over his request for the National Assembly’s nod to borrow.
Atiku Abubakar described the move as reckless and dangerous for the future of Nigeria and generations yet unborn.
Atiku’s comment, which he posted on his X handle, is coming on the heels of Tinubu’s second year anniversary national broadcast on Thursday.
The former Vice president berated the President, stating that the announcement by the Tinubu-led APC government to pursue fresh external and domestic loans is a “reckless and dangerous move that threatens the future of Nigeria and generations yet unborn”.
He countered that despite national outrage, the present administration is going ahead with plans to borrow $21.54 billion, €2.19 billion, and ¥15 billion — an equivalent of over $24 billion, which is more than 60% of Nigeria’s total foreign exchange reserves.
This borrowing plan, Abubakar cautioned will raise the country’s total public debt from ₦144.7 trillion to a crushing ₦183 trillion.
He restated: “This move comes while Nigeria’s debt burden is already at alarming levels”.
Abubakar’s post reads in part: “As of December 31, 2024, public debt stood at $94 billion (₦144.7 trillion).
“Since President @officialABAT assumed office in 2023, public debt has jumped by 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 percent.
“The debt-service-to-revenue ratio is over 130%, meaning the government now spends more on repaying loans than it earns.
“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”.
Abubakar insisted that the addiction to borrowing, entrenched under the APC-led administration and now accelerated by Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest.
The former Vice President lamented that Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.
Abubakar warned that the move is economic “sabotage in plain sight”.
Consequently, he urged the federal government to discontinue what he called “this reckless borrowing plan” He also called on lawmakers, civil society organizations, the media, and the international community to take urgent action to stop this looming catastrophe.
Nigeria, Abubakar warned, must not be sold into debt slavery.
