Former Vice President Atiku Abubakar has sharply criticized President Bola Tinubu’s administration for escalating Nigeria’s debt, accusing it of reckless borrowing and economic mismanagement. This condemnation follows a recent World Bank report ranking Nigeria as the third-largest debtor to the International Development Association (IDA).
Atiku expressed alarm over the government’s proposal to borrow an additional N1.7 trillion to cover the 2024 budget deficit, highlighting concerns about the loan’s benchmark rate. He noted that the proposal is pegged at an exchange rate of 1 USD to N800, while the current Central Bank of Nigeria rate exceeds N1,600 to 1 USD.
He accused the National Assembly of facilitating this borrowing spree, stating, “Nigeria is sinking further into debt, and the National Assembly has become an accomplice once more.”
Atiku questioned the administration’s revenue claims, referencing President Tinubu’s July statement about record-high collections by the Federal Inland Revenue Service and the Nigerian Customs Service. He asked, “Why are they still borrowing? There is something that they are not telling Nigerians.”
Describing the loans as detrimental to citizens, Atiku warned, “These President Bola Tinubu loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized.”
He alleged that the borrowing is driven by corruption rather than infrastructure and development needs, citing a BudgIT report that exposed the 2024 budget as “a mess because of the level of pork associated with it.”
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.
— Atiku Abubakar (@atiku) November 21, 2024
This report is coming just when the government has already sent a proposal to the National Assembly signalling…
Reflecting on past achievements, Atiku lamented, “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.”
He concluded by calling for fiscal responsibility, stating, “It is time to apply more caution and arithmetic to the loan frenzy.”
