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<p>Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu&#8217;s administration over its plan to secure over \$24 billion in new external and domestic loans. Atiku described the borrowing spree as &#8220;reckless and dangerous,&#8221; warning that it threatens Nigeria&#8217;s economic stability and mortgages the country&#8217;s future.</p><div class="x6hG0mA2" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>In a statement titled &#8220;Tinubu&#8217;s Addiction to Loans: Mortgaging Nigeria&#8217;s Future,&#8221; Atiku pointed out that the proposed loans would raise Nigeria&#8217;s total public debt from â¦144.7 trillion to â¦183 trillion, a figure he says is unsustainable. He noted that the borrowing would consume more than 60% of Nigeria&#8217;s foreign exchange reserves, while the debt-service-to-revenue ratio has already surpassed 130%.</p>
<p>Atiku accused the Tinubu administration of borrowing not for development but to service existing debt, turning Nigeria&#8217;s public finance into a Ponzi scheme. He stated, &#8220;This is not just unsustainable — it is immoral. The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs.&#8221;</p>
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<p>The former vice president highlighted that under the APC-led government since 2015, total debt has surged by over 1,000%, from â¦12.6 trillion to â¦144.7 trillion. He called the situation &#8220;economic sabotage in plain sight&#8221; and urged lawmakers, civil society, and the international community to intervene and halt the borrowing plan. &#8220;Nigeria must not be sold into debt slavery,&#8221; he warned. (</p><div class="GhT8W60p" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>In response, the presidency dismissed Atiku&#8217;s criticism as partisan rhetoric. Presidential spokesperson Bayo Onanuga argued that the Tinubu administration has undertaken bold economic and institutional reforms over the past two years, including the removal of fuel subsidies and unification of the foreign exchange system. Onanuga stated, &#8220;We have made progress. Inflation is easing, food production is rising, investments are returning, and the foundation for a more prosperous, just, and inclusive Nigeria is being laid.&#8221;</p>
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<p>Onanuga also noted that the government has introduced the student loan scheme to ensure that underprivileged children are not denied education because of poverty. He emphasized that the Tinubu administration has made investments in medical care, including revitalizing primary health centers, expanding health insurance, and working to reduce the cost of medicines.</p>
<p>The debate over Nigeria&#8217;s borrowing practices continues as the country grapples with economic challenges and seeks sustainable solutions for growth and development.</p>
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