Atiku Slams Tinubu Administration Over ‘Bone-Crushing’ Loans As Nigeria Sinks Deeper Into Debt

Abuja, Nigeria– Former Nigerian Vice President and ex-presidential candidate, Atiku Abubakar, has criticised the federal government for its continued borrowing spree, warning that the nation’s escalating debt burden is suffocating the economy.

He also accused the National Assembly of enabling the borrowing culture without demanding accountability.

In a statement released on Thursday, Atiku pointed out that Nigeria was recently ranked as the third most indebted country to the International Development Association (IDA), a World Bank institution that provides concessional loans to developing countries.

“These loans under Tinubu’s administration are bone-crushing to Nigerians, bringing insufferable pressure on the economy, especially when they are not properly negotiated or utilized,” Atiku said.

He argued that the government’s reckless borrowing, coupled with a lack of transparency, is worsening the nation’s economic crisis.

The former vice president further lamented the failure of the National Assembly to scrutinize the loans, accusing lawmakers of being complicit in the mismanagement of Nigeria’s financial resources.

Atiku said that the recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning.

“This report is coming just when the government has already sent a proposal to the National Assembly signalling an intention to borrow an additional N1.7tn being shortfall in the 2024 budget through Euro Bonds.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD.

Atiku explained that Nigeria is sinking further into debt, and the National Assembly has become an accomplice once more.

According to him, in July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the Budget.

“Why are they still borrowing? There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.

He said it is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.

“A report by Budgit, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.

“I feel a sense of personal agony seeing that just a few years after the administration of President Obasanjo took our country out of foreign indebtedness, we are today back at the top spot in the same conundrum.

“It is time to apply more caution and arithmetic to the loan frenzy,” Atiku added