“Don’t sink Nigeria, stop this ‘reckless’ borrowing now” – Atiku tells Tinubu

“Don’t sink Nigeria, stop this ‘reckless’ borrowing now” – Atiku tells Tinubu

Former Vice President Atiku Abubakar has known as out President Bola Ahmed Tinubu’s management over its plan to achieve over $34 billion sparkling loans, caution that the pass is ‘reckless’ and will push Nigeria deeper into monetary crisis.

In a assertion shared on X ( previously Twitter) on Thursday, Atiku criticised the proposed borrowing — which includes $21. fifty four billion, €2.19 billion, and ¥15 billion — announcing it might get worse Nigeria’s already alarming debt burden and threaten the country’s economic stability.

“This borrowing spree will increase our overall public debt from ₦144.7 trillion to a crushing ₦183 trillion,” Atiku said, noting that the loans account for greater than 60% of Nigeria’s overall forex reserves.

Citing professional data, Atiku mentioned that Nigeria’s public debt had already reached $ ninety four billion (₦144.7 trillion) through the stop of 2024.

He similarly claimed that beneathneath Tinubu’s management given that 2023, public debt has surged through over 65%, and through greater than 1,000% for the reason that APC got here to energy in 2015.

“Since President Tinubu assumed workplace in 2023, public debt has jumped through 65.6%. Under the APC-led management given that 2015, public debt has ballooned through 1,048%, from ₦12.6 trillion to ₦144.7 trillion.”

He didn’t maintain returned in his criticism, describing the government’s borrowing sample as unsustainable and unethical.

“This isn’t simply unsustainable — it’s far immoral,” Atiku said. “The Tinubu management is borrowing cash now no longer for improvement however to carrier present loans, fueling a debt spiral that leaves not anything for infrastructure, education, healthcare, or jobs.”

Atiku likened the government’s debt approach to a “Ponzi scheme” and defined the general borrowing plan as “ monetary sabotage.”

He warned that Nigeria is now caught in a debt lure that mortgages the destiny simply to live afloat withinside the present.

Sounding the alarm, the previous Vice President entreated pressing intervention.

He known as on lawmakers, civil society groups, the media, and the global network to face up to what he defined as a looming monetary disaster.

“We call for that this reckless borrowing plan be halted immediately,” he said. “We name on lawmakers, civil society organisations, the media, and the global network to take pressing movement to forestall this looming catastrophe. Nigeria ought to now no longer be offered into debt slavery.”

The assertion comes as President Tinubu marks years in workplace , amid developing debate over his monetary guidelines and mounting worries approximately the country’s financial direction.