Former Vice President Atiku Abubakar has expressed deep concern over Nigeria’s escalating debt crisis, following a recent World Bank report that ranks the country as the third most indebted nation to the International Development Association (IDA).
In a statement released on his social media platform, Atiku criticised President Bola Tinubu’s intention to borrow an additional N1.7 trillion to cover a shortfall in the 2024 budget through Euro Bonds.
He described the move as alarming, particularly because the proposed loan is benchmarked at an exchange rate of N800 to 1 USD, while the current Central Bank of Nigeria exchange rate has soared beyond N1,600 to 1 USD.
“Nigeria is sinking further into debt, and the National Assembly has become an accomplice once more,” he said.
He questioned President Tinubu’s administration, citing earlier claims of record-breaking revenue collections by the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service.
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“Why are they still borrowing? There is something they are not telling Nigerians, even as they are being crushed by a combination of failed trial-and-error policies and loan rackets,” he added.
The former Vice President accused Tinubu’s administration of mismanaging loans, asserting that they have become a tool for corruption rather than serving infrastructure and developmental needs..
Citing a recent report by BudgIT, a budget transparency organisation, he lamented the poor allocation of funds in the 2024 budget, which he described as riddled with “pork projects.
“Reflecting on Nigeria’s debt history, Atiku expressed dismay over the reversal of gains made during former President Olusegun Obasanjo’s administration, which had successfully cleared the country’s foreign debt.
“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,” he said.
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Atiku called for greater caution and financial prudence, urging the government to adopt a more calculated approach to borrowing.“It is time to apply more caution and arithmetic to the loan frenzy,” he said.
