Former Vice President Atiku Abubakar has strongly criticised President Bola Tinubu’s plan to secure over $24 billion in new external and domestic loans, warning that the move threatens Nigeria’s economic stability and mortgages the country’s future.

In a statement titled “Tinubu’s Addiction to Loans: Mortgaging Nigeria’s Future,” Atiku described the borrowing spree as “reckless and dangerous,” pointing out that it would raise Nigeria’s total public debt from ₦144.7 trillion to ₦183 trillion, a figure he says is unsustainable.

“The Tinubu administration is borrowing not for development, but to service existing debt,” Atiku said. “This has turned Nigeria’s public finance into a Ponzi scheme.”

He noted that the proposed loans, totalling over $24 billion in USD, euro, and yen equivalents, would consume more than 60% of Nigeria’s foreign exchange reserves, while the debt-service-to-revenue ratio has already surpassed 130%.

Since Tinubu took office in 2023, public debt has reportedly increased by over 65%.

Atiku also highlighted that under the APC-led government since 2015, total debt has surged by over 1,000%, from ₦12.6 trillion to ₦144.7 trillion.

Calling the situation “economic sabotage in plain sight,” Atiku urged lawmakers, civil society, and the international community to intervene and halt the borrowing plan.

“Nigeria must not be sold into debt slavery,” he warned.