Atiku Abubakar criticized President Bola Tinubu's administration over excessive borrowing, citing a $2.2 billion loan approved by the National Assembly. He warned against mounting debts, questionable fiscal policies, and corruption, calling for transparency and caution. Abubakar lamented Nigeria's return to heavy indebtedness after previous efforts to clear foreign debt under Obasanjo.
Former Vice President Atiku Abubakar has condemned the Bola Tinubu administration's approach to managing Nigeria’s economy, particularly the approval of a $2.2 billion loan by the National Assembly. Abubakar described the loans as "bone-crushing" and claimed they exacerbate the economic strain caused by what he termed the government’s “trial-and-error policies.”
He expressed alarm over a World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA). Abubakar noted that the situation is worsened by a proposed N1.7 trillion Eurobond loan to address the 2024 budget deficit, pegged at an exchange rate far below the actual rate.
Critiquing Tinubu’s earlier claims of record-high revenue collection by agencies like the Federal Inland Revenue Service (FIRS) and Customs, Abubakar questioned why borrowing remains rampant. He alleged that these loans serve corrupt interests rather than infrastructure or developmental needs.
Referring to a report by BudgIT, a fiscal transparency organization, Abubakar described the 2024 budget as riddled with inefficiencies. He lamented that Nigeria’s return to heavy indebtedness undermines the debt relief efforts achieved under the Obasanjo administration.
Abubakar called for more prudent fiscal management, emphasizing the need to reassess the country’s “voracious appetite” for foreign loans. He urged transparency in the use of borrowed funds to ensure they benefit the public rather than perpetuate economic hardship.
