Atiku Accuses Tinubu’s Government Of Reckless Borrowing, Calls It Economic Sabotage

Former Vice President Atiku Abubakar has accused the ruling All Progressives Congress (APC) government under President Bola Ahmed Tinubu of being addicted to borrowing. In a post on his X account, Atiku condemned the administration for mortgaging the future of Nigeria’s youth, describing the latest loan request as an act of economic sabotage.

Atiku urged lawmakers, civil society groups, the media, and the international community to intervene and prevent the President from proceeding with the proposed borrowing.

On Tuesday, President Tinubu sought approval from the National Assembly to borrow $21.5 billion, along with €2.19 billion, 15 billion Japanese yen, and a €65 million grant as part of the federal government’s 2025–2026 borrowing plan.

Reacting to this, Atiku labeled the APC-led administration’s plan to take on new external and domestic loans as “reckless and dangerous,” warning it threatens Nigeria’s future and that of generations yet to come.

He pointed out that despite widespread public concern, the government is pushing ahead with borrowing more than $24 billion—over 60% of Nigeria’s total foreign exchange reserves. This borrowing would increase the country’s total public debt from ₦144.7 trillion to a staggering ₦183 trillion.

“At the end of 2024, Nigeria’s public debt stood at $94 billion (₦144.7 trillion),” Atiku noted. “Since President Tinubu took office in 2023, public debt has surged by 65.6%.”

He also highlighted that under the APC government since 2015, Nigeria’s debt has skyrocketed by 1,048%, from ₦12.6 trillion to ₦144.7 trillion, while the debt-to-GDP ratio now exceeds 50%.

Atiku emphasized that the debt-service-to-revenue ratio has surpassed 130%, meaning the government spends more on repaying loans than it earns in revenue.

“This situation is not only unsustainable—it is immoral. The current administration is borrowing not to fund development, but to service existing debts, creating a vicious cycle where borrowing is used to repay old loans and interest,” he said.

Atiku described the APC’s borrowing pattern as a “Ponzi scheme” that mortgates Nigeria’s future to cover past debts. He warned that this continued borrowing spree amounts to economic sabotage.

He called for an immediate halt to the reckless borrowing plan and appealed to lawmakers, civil society, the media, and the global community to act swiftly to avert a looming financial disaster for Nigeria.