Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

Former Vice President and 2023 presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, has voiced concerns and asked President Bola Ahmed Tinubu to halt his borrowing plan, describing the move as “reckless and dangerous”.

In a post shared on his X page, on Thursday, May 29, Atiku criticised the federal government’s plan for external and domestic loans request.

He noted that Nigeria’s debt burden has already reached alarming levels, with public debt standing at $94 billion (₦144.7 trillion) as of December 31, 2024.

Atiku, however, warned that the move threatens the future of the country and generations yet unborn.

"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," Atiku said.

Recall that Tinubu earlier requested for the approval of the National Assembly to secure a new wave of multi-currency loans amounting to approximately $23.5 billion, €2.265 billion, ¥15 billion, and N757.9 billion, totalling about N45 trillion when converted to the naira.

Specifically, the president sought approval to raise up to $2 billion in capital from the domestic debt market.

In a statement he signed, Atiku decried the country’s debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio of over 130%, arguing that the government is spending more on repaying loans than it earns.

"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.

"Nigeria must not be sold into debt slavery. -AA

Read more about Atiku here:

Meanwhile, Legit.ng reported earlier that President Bola Tinubu's special adviser on information and strategy, Bayo Onanuga, has tackled former Vice President Atiku Abubakar for having political bitterness and unfair criticism against his boss.

The presidential aide claimed while reacting to Atiku's criticism of Tinubu's administration after spending two years in office.

According to Onanuga, Atiku needed to acknowledge the successes and achievements of Tinubu's administration, although he still lives in Dubai.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: Legit.ng