Atiku slams Tinubu over fresh loan plans

Former Vice President Atiku Abubakar has launched a scathing attack on the administration of President Bola Ahmed Tinubu, accusing it of plunging Nigeria into an unsustainable debt crisis with its latest borrowing plans.

In a statement issued on Thursday, May 29, 2025, Atiku described the Tinubu-led All Progressives Congress (APC) government’s move to secure fresh domestic and external loans amounting to over $24 billion as “reckless, dangerous, and immoral.” He warned that the borrowing spree would further entrench Nigeria in a vicious debt trap and mortgage the future of generations to come.

According to the former Vice President, the Tinubu administration plans to borrow $21.54 billion, €2.19 billion, and ¥15 billion—an equivalent of over $24 billion, which represents more than 60% of the country’s total foreign exchange reserves. If carried through, the new loans would increase Nigeria’s total public debt stock from ₦144.7 trillion to a staggering ₦183 trillion.

Atiku highlighted the alarming trajectory of Nigeria’s debt profile, noting that:

As of December 31, 2024, Nigeria’s public debt stood at $94 billion (₦144.7 trillion).

Since Tinubu assumed office in 2023, the debt has jumped by 65.6%.

Under the APC-led administration since 2015, Nigeria’s debt has surged by 1,048%, from ₦12.6 trillion to ₦144.7 trillion.

The debt-to-GDP ratio has now exceeded 50%.

The debt-service-to-revenue ratio is over 130%, meaning the government spends more on servicing debt than it generates in revenue.

“This is not just unsustainable—it is immoral,” Atiku said. “The Tinubu administration is borrowing not for development, but to service existing loans, thereby fueling a debt spiral that leaves nothing for critical sectors like infrastructure, education, healthcare, or job creation.”

He likened the government’s approach to managing public finances to a Ponzi scheme, where new loans are taken to pay off old debts, with no clear plan for long-term sustainability.

“This addiction to borrowing, entrenched under the APC-led government and now accelerated by President Tinubu, has turned Nigeria’s economy into a ticking time bomb. We are witnessing economic sabotage in plain sight,” he added.

Atiku called on the National Assembly, civil society groups, the media, and the international community to intervene and stop what he described as an impending financial catastrophe.

“Nigeria must not be sold into debt slavery,” he warned.

As of press time, the presidency and Ministry of Finance have yet to respond to the allegations raised in Atiku’s statement.