Former Vice President Atiku Abubakar has alleged that the ruling All Progressives Congress (APC) led by President Bola Ahmed Tinubu is addicted to loans.
Atiku in a post on his X handle also lamented that the Presidency is mortgaging the future of young Nigerians, describing the latest loan request as an economic sabotage.
The Peoples Democratic Party (PDP) presidential candidate in the last general elections called on lawmakers, civil society organizations, the media, and the international community to take urgent actions to stop the President from taking the loan.
On Tuesday, President Tinubu requested the National Assembly to approve new borrowing plans totaling $21.5 billion, along with €2.19 billion, 15 billion Japanese yen and a €65 million grant, as part of the federal government’s 2025–2026 borrowing framework.
But reacting to the development, Atiku said the announcement by the Tinubu-led All Progressives Congress (APC) administration to pursue fresh external and domestic loans “is a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.”
The leader of the coalition stressed that despite national outrage, “this administration is pushing 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 spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion.”
“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%,” he added.
Atiku told the President that under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion and the debt-to-GDP ratio has exceeded 50%.
According to him, 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.
“This addiction to borrowing, entrenched under the APC-led administration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest. Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.
“We warn that this is economic sabotage in plain sight. We demand that this reckless borrowing plan be halted immediately. We call on lawmakers, civil society organizations, the media, and the international community to take urgent action to stop this looming catastrophe.”
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