Atiku Abubakar Flays Tinubu Over $24.14 Billion Foreign Loan Request
Former Vice President Atiku Abubakar has strongly criticized President Bola Ahmed Tinubu’s administration over its proposed plan to secure approximately $24.14 billion in foreign loans, calling the move reckless and a threat to Nigeria’s already fragile economy.
In a statement released to the press, Atiku expressed deep concern over what he described as an unsustainable borrowing strategy.
He warned that the growing debt profile could push the country into a new era of economic dependency and fiscal instability. The former vice president said the Tinubu administration has shown “reckless disregard” for Nigeria’s debt sustainability, citing recent reports from international financial institutions including the World Bank, which placed Nigeria among the top three most indebted countries to the International Development Association (IDA).
Atiku accused the government of relying too heavily on loans without presenting a transparent and credible strategy for economic recovery or debt repayment. He further criticized the National Assembly for approving previous loan requests from the presidency without what he called sufficient scrutiny, referencing the ₦1.7 trillion ($2.2 billion) loan approved to fund the 2024 budget deficit.
Atiku argued that the loan was pegged at an unrealistic exchange rate of ₦800 to the US dollar, while the actual rate is currently over ₦1,600, a discrepancy he said illustrates the administration’s flawed economic planning.
He questioned the rationale behind the continued borrowing, especially in light of public claims by the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service that revenue collection has significantly improved. Atiku asked why new loans are being pursued if government revenues are indeed on the rise.
He also alleged that the borrowed funds are being channeled toward wasteful and possibly corrupt expenditures rather than into projects that would drive economic growth and job creation. Referring to analysis by the civic group BudgIT, Atiku noted that the 2024 budget includes excessive and questionable allocations, suggesting that the borrowing was not aimed at national development but rather at servicing a bloated and inefficient public sector.
The comments drew a swift response from the Arewa Professionals for Democracy and Development (APDD), a pro-government civil society group, which defended the loan requests and accused Atiku of politicizing critical economic issues. In a statement, the group argued that the Tinubu administration inherited a severely damaged economy and is making “tough but necessary” decisions to stabilize the country.
According to the APDD, when well-managed, loans can drive long-term development, enhance service delivery, and stimulate economic growth.
As public debate continues over Nigeria’s debt profile and the effectiveness of the Tinubu administration’s economic policies, Atiku’s remarks add to the growing concerns of economists, civil society actors, and ordinary Nigerians who are feeling the weight of rising inflation, unemployment, and the depreciating naira.
