Former Vice President Atiku Abubakar has criticised the decision of the President Bola Tinubu-led administration to seek new external and domestic loans, describing the move as reckless and a threat to Nigeria’s economic future.
In a statement today via X, Atiku said the proposed borrowing of $21.54 billion, €2.19 billion, and ¥15 billion — totaling over $24 billion — would dangerously increase the country’s debt profile, raising concerns about long-term sustainability.
He noted that Nigeria’s debt burden has already reached alarming levels, with public debt standing at $94 billion (₦144.7 trillion) as of December 31, 2024.
Atiku further said, “Since President Tinubu 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.”
