By Tonia Okereke
Presidential candidate of the Peoples Democratic Party (PDP) for the 2023 election, Alhaji Atiku Abubakar, has accused President Bola Ahmed Tinubu of mortgaging Nigeria’s future with the loans obtained by his administration.
President Bola Tinubu on Tuesday transmitted three letters to the National Assembly requesting legislative approval for a new external borrowing plan amounting to over $21.5 billion, and a domestic bond issuance of ₦757.9 billion to settle outstanding national pension liabilities.
Tinubu made these requests in three separate letters transmitted to the National Assembly, which were read on the floor of the House of Representatives by the Speaker, Tajudeen Abbas.
In the first correspondence, President Tinubu sought the National Assembly’s approval for the establishment of a foreign currency-denominated issuance programme in the domestic debt market.
The proposed capital raise of up to $2bn would be implemented by the Debt Management Office in line with the Presidential Executive Order on Foreign Currency Denominated Financial Instruments, Local Issues Programme,
Related news: https://frontlinenews.com.ng/tinubu-seeks-nass-approval-for-21-5bn-loan-%e2%82%a6758bn-pension-bond/
Atiku has slammed Tinubu for his latest request in a personally signed statement.
The statement read in part: “The announcement by the Tinubu-led APC government to pursue fresh external and domestic loans is a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.
“Despite national outrage, this administration is pushing ahead with plans to borrow $21.54 billion, €2.19 billion, and ¥15 billion — an equivalent of over $24 billion, which is more than 60% of Nigeria’s total foreign exchange reserves. This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion. This move comes while Nigeria’s debt burden is already at alarming levels. As of December 31, 2024, public debt stood at $94 billion (₦144.7 trillion)”.
“Since President Tinubu assumed office in 2023, public debt has jumped by 65.6%. Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion”, he added.
Atiku noted that the debt-to-GDP ratio has exceeded 50%. This as the debt-service-to-revenue ratio is over 130%, meaning the government now spends more on repaying loans than it earns
He added: “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.
“This addiction to borrowing, entrenched under the APC-led administration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest. Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.
“We warn that this is economic sabotage in plain sight.
“We demand that this reckless borrowing plan be halted immediately. We call on lawmakers, civil society organizations, the media, and the international community to take urgent action to stop this looming catastrophe”.
Atiku further warned that, “Nigeria must not be sold into debt slavery”.
Be the first to comment