posted 29th May 2025
Atiku Slams Tinubu’s Borrowing Plan as Nigeria’s Debt Crisis Deepens
LONDON, 29 May 2025 – Former Nigerian Vice President Atiku Abubakar has fiercely criticised President Bola Tinubu’s plan to secure over $24 billion (£19 billion) in new loans, calling it a “reckless and dangerous move” that risks “mortgaging Nigeria’s future.” In a strongly worded statement on X, Atiku warned that the Tinubu-led All Progressives Congress (APC) government’s borrowing spree is driving Nigeria into a debt spiral, with dire consequences for future generations.
The proposed loans, including $21.54 billion, €2.19 billion, and ¥15 billion, would push Nigeria’s public debt from ₦144.7 trillion (£70 billion) to a staggering ₦183 trillion (£88 billion). Nigeria’s debt burden is already critical, with public debt at $94 billion (£74 billion) as of 31 December 2024. Since Tinubu took office in 2023, the nation’s debt has surged by 65.6%, and under the APC’s governance since 2015, it has ballooned by 1,048%, from ₦12.6 trillion (£6 billion) to the current level.
Atiku underscored the perilous state of Nigeria’s finances, pointing out that the debt-to-GDP ratio now exceeds 50%, while the debt-service-to-revenue ratio surpasses 130%. “This means the government spends more on repaying loans than it earns,” he stated, labelling the situation “not just unsustainable — it is immoral.” He accused the administration of borrowing to service existing debts rather than investing in development, comparing Nigeria’s public finances to a “Ponzi scheme” caught in a cycle of borrowing to pay interest.
The announcement has triggered widespread alarm, with Atiku calling it “economic sabotage in plain sight.” He called on lawmakers, civil society, the media, and the international community to urgently intervene to stop the borrowing plan, warning that Nigeria risks being “sold into debt slavery.” The loans, equivalent to over 60% of Nigeria’s foreign exchange reserves, have heightened concerns about the nation’s economic sovereignty.
Critics contend that the Tinubu administration’s reliance on borrowing neglects critical areas such as infrastructure, healthcare, education, and job creation. Instead, funds are diverted to servicing an ever-growing debt, leaving little for progress. Nigeria’s economic woes, including inflation, unemployment, and a weakening naira, further strain public finances.
Atiku’s urgent plea has struck a chord with many Nigerians, who are increasingly frustrated with the government’s economic management. As public anger grows, pressure mounts on Tinubu to rethink the borrowing strategy and focus on sustainable fiscal policies.
