Former Vice President of Nigeria, Atiku Abubakar has warned President Bola Tinubu over the growing debt profile of the country, describing the government’s borrowing pattern as reckless and dangerous for ordinary Nigerians.
Speaking through his aide Olusola Sanni on Sunday, Atiku reacted to reports that the Tinubu administration is currently in talks with the World Bank for a fresh $1.25 billion loan facility.
According to Atiku, Nigerians are already struggling under severe economic hardship, yet the government continues to pile up foreign loans without visible improvement in power supply, infrastructure, healthcare, education or the economy.
He said the administration’s increasing appetite for borrowing has become excessive, opaque and deeply troubling, stressing that citizens are carrying a burden that is becoming unbearable.
Atiku noted that Nigerians were promised that the loans would revive the economy, improve infrastructure and solve electricity challenges, but instead many citizens are still battling darkness, rising hunger, collapsing businesses and unbearable energy costs.
The former Vice President also questioned why Nigeria is still heavily dependent on loans meant for extremely poor countries despite government claims of increased revenue generation.
He pointed out that Nigeria now ranks among countries with the highest exposure to World Bank loans, alongside Bangladesh and Pakistan, arguing that the figures contradict the administration’s claims of economic progress and improved earnings.
Atiku recalled how the administration of former President Olusegun Obasanjo successfully negotiated Nigeria’s exit from the Paris Club debt burden between 2005 and 2006 through fiscal discipline and international credibility.
He lamented that the country is now sliding back into another era of dangerous debt dependency, saying the achievements of that period are being destroyed by what he called irresponsible borrowing.
According to him, borrowing money is not a sign of good governance and debt should never be mistaken for development.
He accused the Tinubu administration of mortgaging the future of unborn Nigerians to fund present failures, describing the situation as economic vandalism.
Atiku also called on the World Bank and other international lenders to be more cautious before approving additional loans for Nigeria.
He urged creditors to demand transparency, accountability and measurable results before releasing further funds to the government.
The former Vice President further demanded that the federal government publish a complete breakdown of all loans obtained since May 2023, including the conditions attached, how the funds were spent and the projects linked to each facility.
He warned that no responsible lender should ignore signs of poor fiscal discipline in a country where citizens continue to suffer despite massive borrowing.
