NewStats: 3,262,677 , 8,177,849 topics. Date: Tuesday, 03 June 2025 at 09:27 AM 2b2c3a

…Calls move ‘economic sabotage’

…Says new loans’ll push Nigeria’s debt to N183trn

Former Vice President, Atiku Abubakar, has slammed President Bola Tinubu’s istration over plans to secure fresh external and domestic loans totaling over $24 billion.

In a statement released on Thursday, Atiku described the borrowing as “reckless and dangerous,” warning that it will mortgage Nigeria’s future and burden unborn generations with unsustainable debt.

President Tinubu’s proposed borrowing includes $21.54 billion, €2.19 billion, and ¥15 billion in fresh loans and according to Atiku, this amount represents more than 60 per cent of Nigeria’s total foreign exchange reserves and would push the country’s total public debt from the current N144.7 trillion to N183 trillion.

Atiku said the public debt stood at $94 billion (N144.7 trillion) as of December 31, 2024 and that this borrowing comes while Nigeria’s debt burden is already at alarming levels.

Atiku said: “The announcement by the Tinubu-led APC government to pursue fresh external and domestic loans is a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.

“Despite national outrage, this istration is pushing ahead with plans to borrow $21.54 billion, €2.19 billion, and ¥15 billion — an equivalent of over $24 billion, which is more than 60 per cent of Nigeria’s total foreign exchange reserves. This borrowing spree will raise our total public debt from N144.7 trillion to a crushing N183 trillion.

“This move comes while Nigeria’s debt burden is already at alarming levels. As of December 31, 2024, public debt stood at $94 billion (N144.7 trillion). Since President Tinubu assumed office in 2023, public debt has jumped by 65.6 per cent.

“Under the APC-led istration since 2015, public debt has ballooned by 1,048 per cent, from N12.6 trillion to N144.7 trillion. The debt-to-GDP ratio has exceeded 50 per cent. The debt-service-to-revenue ratio is over 130 per cent, meaning the government now spends more on repaying loans than it earns

“This is not just unsustainable. It is immoral. The Tinubu istration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs.

“This addiction to borrowing, entrenched under the APC-led istration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest. Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.

“We warn that this is economic sabotage in plain sight. We demand that this reckless borrowing plan be halted immediately. We call on lawmakers, civil society organizations, the media, and the international community to take urgent action to stop this looming catastrophe. Nigeria must not be sold into debt slavery.

https://thesun.ng/atiku-attacks-tinubu-over-fresh-borrowing/?amp

Una neva see anything we dey go 200 trillion

RichBoy247:
There is only one custodian of tge national treasury, his name is Emilokan JAGABAN, all other idiots are just wailers

He's making a mess of the national treasury
Just imagine planning to borrow $24bn in one fell swoop
Even Buhari was not this reckless

I thought there is no longer any reasonable person in Nigeria again exempt me

Someone somewhere is trying very hard to locate developers mumu bottom chaii 🤣

Atiku my man

Ona neva see anything. By the time Tinubu is done with Nigeria, every Nigerian will be owing 10million naira.

Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?

helinues:
Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?

There is little reason to celebrate the repayment of debt when the apparent objective is to secure even more borrowings, further plunging the nation into debt that future generations will be unable to repay.

Atiku acting like a saint, same thing Tinubu did when Jonathan was the president.😂

Baba Atiku is seriously in a very bad political state...

He can't be VP again, even if he decides to a southerner in 2027..

He is equally old to wait till 2031 for the Northern slot that would have been more easier for him..

Baba is frustrated and terribly in a very bad politically disadvantage state

yarimo:
Someone somewhere is trying very hard to locate developers mumu bottom chaii 🤣

Suffering and smiling dude. Always shifting blames.
Your personal Lord and savior is mortgaging your children's future, be here and be looking for who is locating bottom. Political jobber

In as much as Atiku is making sense here I still won't his critics cox of his ulterior motives. This man will be the worst president ever if he ever grace that position.
The man is not even fighting for the masses but campaigning for 2027.


Nonsense and Atiku 😆

helinues:
Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?

Stop reasoning backward. Do you have any job at the moment?

helinues:
Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?

Keep borrowing naa, na your children you de suffer

Nobody even sees what they do with the borrowed money...

Politics

Public finance to ponzi scheme...

Anyone ing Atiku is really naive, a man that can not condemn killers of Deborah.

Clueless man removed subsidy

We are supposed to have excess money and be lending to other countries, they way you people blamed subsidy payments for everything

Useless APC party of demons

dederocs:
Anyone ing Atiku is really naive, a man that can condemn killers of Deborah.

you are more naive

Hat has Deborah death got to do with this

yarimo:
Someone somewhere is trying very hard to locate developers mumu bottom chaii 🤣

What's funny here if not you're trying to be daft

Bobloco:
…Calls move ‘economic sabotage’

…Says new loans’ll push Nigeria’s debt to N183trn



https://thesun.ng/atiku-attacks-tinubu-over-fresh-borrowing/?amp

Money coming from all corners yet nothing to show for it. Not the infrastructures, not the cheap products or food items, nothing at all.

He has borrowed more than 2 past governments in 2 years and someone will open their dirty gutter to say this man isn’t in for marathon looting and stealing.

What is ONE thing Tinubu has achieved?

We only hear of borrow borrow, yet they won’t pay a reasonable salary to workers, people are dying daily, yet they don’t care at all.

What has we as ordinary Nigerians gained since 2 years? Nothing!!!

Only hardship and suffering.

Didijiji:
you are more naive

Hat has Deborah death got to do with this

A bigot can not be Nigerian president...Obi is a mediocre and a fugazy for even teeming with such a man, I definitely will not them.

We?...it finally made sense...i hope you'll be man enough to tell your children and children children that you were among those that ed this rotten system that brought them untold hardship...except you're among those got a good chunk of the millions...but if its just a meager 30k or thousands...then its just a shame. And for the records...We paid out debt as you claim is misleading...What this rotten System did was debt servicing...i thought you're more intelligent than this...anyways when it comes to defending impunity...reasoning is swept aside

helinues:
Why do the opposition always keep mute whenever we paid out debt but always found their voice when it's borrowing?

Tinubu needs more money to buy more politicians for 2027 election. By the time the loan arrives, you will see more defection to APC.

I knew Atiku and his toothless coalition were behind the fake news of $21b borrowing.

When they want to push the narrative about Loan figure they bring the amount of debt converted at N470/$ prior years and compare it to a loan figure converted at current rate N1600/$

$10 @ 470 is 4.700 meanwhile $10 a1600 is 16,000.

Nigerian youth use your brain before these Abacha boys do us hard thing

Atiku, some education might help here.

The media misreported the news. A correction was issued.

A medium term expenditure plan (MTEP) is a timetable/framework/guideline of governments' expenditure intentions. It IS not a borrowing plan. It is like balancing budget realities with projected income from various sources over some time.

It is simply a tool for expenditure planning.

I think it would be proper for Atiku to ask to see the letter sent by the president to the senate, and ask for clarifications instead of rushing to the press to exhibit his misunderstanding.

Question for Atiku: which banks do Tinubu seek to obtain the imaginary loans from?

LAST CHANCE

Atiku should forget about presidency. South must complete 8yrs. He should Obi if he doesn't want Tinubu as the president