$24 Billion Loan, Atiku Citing Debt Concerns Over Tinubu Administration
The Former Vice President Atiku Abubakar has warned President Bola Tinubu against sending Nigeria into what he described as “debt slavery,” following the federal government’s latest plan to secure over $24 billion in new loans.
President Tinubu had requested the National Assembly’s approval to secure fresh foreign loans amounting to about $24.14bn.
The proposed borrowing would increase the current debt stock by about ₦38.24 trillion at the current official exchange rate of ₦1,583.74/$1, which could cause Nigeria’s total public debt to rise from ₦144.67 trillion at the end of 2024 to over ₦182.91 trillion by 2026.
The new borrowing is made up of €2.19 billion, ¥15 billion, and $21.54 billion. Based on current market exchange rates, the euro component is worth roughly $2.5 billion, while the Japanese yen is worth $102 million.
In total, the new loans amount to an estimated $24.14bn. These loans are worth ₦38.24 trillion in naira when converted to the dollar at the official exchange rate of ₦1,583.7388.
According to data from the Debt Management Office, Nigeria’s total public debt was ₦144.67 trillion as of December 31, 2024.
Reacting to this, Atiku on Thursday described the borrowing plan as “a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.”
Atiku claimed that the federal government is addicted to borrowing, adding that it now spends more on repaying loans than it earns.
“This is not just unsustainable — it is immoral. The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs,” Atiku wrote on his verified X account.
He also claimed that this addiction to borrowing, entrenched under the APC-led administration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme, borrowing to pay debt, then borrowing again to pay interest.
Atiku warned that the borrowing spree amounts to “economic sabotage in plain sight” and called for the immediate suspension of the loan plans.
