{"id":114947,"date":"2025-05-30T04:21:39","date_gmt":"2025-05-30T08:21:39","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=114947"},"modified":"2025-05-30T04:21:39","modified_gmt":"2025-05-30T08:21:39","slug":"tinubus-24bn-loan-plan-irresponsible-atiku-fires-back","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2025\/05\/30\/tinubus-24bn-loan-plan-irresponsible-atiku-fires-back\/","title":{"rendered":"Tinubu\u2019s $24bn Loan Plan Irresponsible \u2014 Atiku Fires Back"},"content":{"rendered":"

Former Vice President Atiku Abubakar<\/a> has strongly criticized President Bola Tinubu\u2019s plan to secure $24 billion in new external loans, calling it imprudent, unsustainable, and a serious threat to Nigeria\u2019s economic stability.<\/strong><\/p>\n

In a statement released on Wednesday in Abuja, Atiku described the proposal as \u201ca blatant act of economic sabotage,\u201d warning that the increasing reliance on foreign debt would only deepen Nigeria\u2019s fiscal challenges and burden future generations.<\/p>\n

The loan request, which includes $21.54 billion, \u20ac2.19 billion, and \u00a515 billion, would push the nation\u2019s total debt from \u20a6144.7 trillion to an estimated \u20a6183 trillion \u2014 a sum that surpasses 60 percent of Nigeria\u2019s foreign reserves.<\/p>\n

\u201cThis move comes while Nigeria\u2019s debt burden is already at alarming levels. As of December 31, 2024, public debt stood at $94 billion (\u20a6144.7 trillion). Since President Tinubu assumed office in 2023, public debt has jumped by 65.6%,\u201d Atiku said.<\/p>\n

He further noted that under the All Progressives Congress (APC)-led administration since 2015, the country\u2019s debt profile has skyrocketed by 1,048% \u2014 from \u20a612.6 trillion to \u20a6144.7 trillion.<\/p>\n

\n

Read also: <\/strong>Fuel Subsidy: Stop Deceiving Nigerians Atiku Lambasts Tinubu<\/a><\/h1>\n<\/blockquote>\n

According to him, Nigeria\u2019s key economic indicators paint a worrying picture: the debt-to-GDP ratio has exceeded 50%, and the debt-service-to-revenue ratio is over 130%.<\/p>\n

\u201cThis is not just unsustainable \u2014 it is immoral,\u201d Atiku said. \u201cThe Tinubu administration is borrowing money not for capital development, but merely to service existing debt, fueling a dangerous spiral that leaves no room for investment in infrastructure, education, healthcare, or job creation.\u201d<\/p>\n

He likened the current debt model to a Ponzi scheme, where the government borrows simply to pay back previous loans and interest, trapping the country in a perpetual cycle of debt.<\/p>\n

\u201cNigeria is now caught in a vicious cycle that mortgages the future to pay for the past,\u201d he warned.<\/p>\n

Sounding the alarm, the former vice president urged legislators, civil society groups, the press, and global stakeholders to unite in opposing the proposed borrowing plan. He warned that the alarming plunge into unsustainable debt must be halted immediately, stressing that Nigeria could not afford to be shackled by what he described as the chains of debt servitude.<\/p>\n

Africa Today News, New York<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu\u2019s plan to secure $24 billion in new external loans, calling it imprudent, unsustainable, and a serious threat to Nigeria\u2019s economic stability. In a statement released on Wednesday in Abuja, Atiku described the proposal as \u201ca blatant act of economic sabotage,\u201d warning that the increasing […]<\/p>\n","protected":false},"author":9,"featured_media":114948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[6928],"tags":[],"class_list":["post-114947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature","pmpro-has-access"],"yoast_head":"\nTinubu\u2019s $24bn Loan Plan Irresponsible \u2014 Atiku Fires Back<\/title>\n<meta name=\"description\" content=\"Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu\u2019s plan to secure $24 billion in new external loans,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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