Abuja – Former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has raised alarm over Nigeria’s growing debt profile, describing the current administration's loan policies as “bone-crushing” to citizens and the economy.
In a statement released on November 21, 2024, Atiku expressed deep concern following a World Bank report that ranks Nigeria as the third most indebted country to the International Development Association (IDA). This revelation coincides with the government’s proposal to borrow an additional N1.7 trillion through Eurobonds to bridge the shortfall in the 2024 budget.
"What makes this loan proposal even more troubling is its benchmark at an exchange rate of N800 to $1, while the Central Bank of Nigeria’s current rate exceeds N1,600 to $1," Atiku pointed out. He questioned the rationale behind more borrowing despite President Tinubu’s claims in July that revenue agencies such as the Federal Inland Revenue Service (FIRS) and Customs had achieved record-high collections.
Atiku accused the government of burdening Nigerians with loans that are poorly negotiated and mismanaged, asserting that the borrowing spree is driven by corruption rather than genuine developmental needs. He cited a report by BudgIT, a civic tech organization, which criticized the 2024 budget for being riddled with wasteful allocations.
“Just a few years after President Obasanjo’s administration freed Nigeria from foreign debt, we find ourselves back at the top of this unfortunate cycle,” Atiku lamented. He urged the government to adopt a more prudent and transparent approach to managing the nation’s finances, emphasizing the need to prioritize economic stability over reckless borrowing.
The former Vice President’s remarks come amidst widespread criticism of the administration’s economic policies, which some argue have exacerbated hardship for ordinary Nigerians.
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