Presidential candidate of the Peoples Democratic Party (PDP) for the 2023 general election, Atiku Abubakar has described the loans taken by President Bola Ahmed Tinubu as bone-crushing to Nigerians.
Atiku in a personally signed statement issued on Thursday said Tinubu’s resort to borrowing brings insufferable pressure on the economy.
Frontline News Online reports that the Senate on Thursday approved a $2.2 billion loan request by President Bola Tinubu.
After reviewing a report presented by Aliyu Wamakko, chair of the Committee on Local and Foreign Debt, the upper legislative chamber approved the loan request.
However, the former Vice-President disagreed with President Tinubu and the National Assembly citing a recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning.
The opposition leader described the National Assembly as a willing accomplice in Tinubu’s poorly negotiated loans.
The statement read in part: “This report is coming just when the government has already sent a proposal to the National Assembly signalling an intention to borrow an additional N1.7tn being shortfall in the 2024 budget through Euro Bonds.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD”.
Atiku called on the National Assembly to calculate the total sum of the loans being taken.
He said: “Nigeria is sinking further in debt, and the National Assembly has become an accomplice once more. Tinubu had, in July this year, boasted that the FIRS and Customs under his watch have collected all-time high revenues to finance the Budget. Why then are they still borrowing? There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.
“These Tinubu’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized”.
Atiku who was the VP under President Olusegun Obasanjo expressed disatisfaction that Nigeria made a u-turn with its debt management, rather than build on the debt relief obtained under the Obasanjo Administration.
“It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs. A report by Budgit, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.
“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
“It is time that we apply more caution and apply arithmetic to the loan frenzy”.
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