• 29 May, 2025
• FAITH MIMDOO KEGH
• No comment

Atiku Criticizes Tinubu’s $24 Billion Loan Plan as Reckless and Unsustainable.

Former Vice President Atiku Abubakar has strongly condemned President B

ola Tinubu’s proposal to secure \$24 billion in new loans, describing the plan as reckless, unsustainable, and harmful to Nigeria’s economic future.

In a statement released on Wednesday in Abuja, Atiku warned that this borrowing would worsen Nigeria’s debt crisis and jeopardize the country’s long-term stability.

The loan package includes \$21.54 billion, €2.19 billion, and ¥15 billion. If approved, Nigeria’s public debt would rise from ₦144.7 trillion to ₦183 trillion, exceeding 60% of the nation’s foreign exchange reserves.

Atiku noted that Nigeria’s debt has already increased sharply under the current administration, rising by 65.6% since Tinubu took office in 2023. He also highlighted a 1,048% increase in public debt since 2015 under the APC-led government, growing from ₦12.6 trillion to ₦144.7 trillion.

He pointed out troubling economic indicators, including a debt-to-GDP ratio above 50% and a debt-service-to-revenue ratio exceeding 130%, calling the situation not just unsustainable but immoral.

According to Atiku, the government is borrowing primarily to repay existing debt rather than invest in essential sectors like infrastructure, education, healthcare, and job creation. He compared this approach to a Ponzi scheme that traps the country in an endless cycle of borrowing.

Atiku warned that Nigeria is locked in a vicious cycle that mortgages its future to pay off past debts,” the statement said.

He called on lawmakers, civil society, the media, and the international community to oppose the loan plan and urged an immediate halt to the borrowing.

Nigeria must not be sold into debt slavery, Atiku declared.

FAITH MIMDOO KEGH

Manager – Oversees the daily operations, editorial planning, and strategic direction of the platform. A graduate with a solid academic foundation in media and communication, Faith brings a wealth of experience to the TokinPoint.

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