Atiku Abubakar Slams Tinubu’s Loan Request, Citing “Insufferable Pressure” on Nigeria’s Economy
By Faisal A. Harande
Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu’s recent loan request, stating that it will exacerbate the country’s debt crisis and put “insufferable pressure” on Nigeria’s economy.
Atiku, the Peoples Democratic Party (PDP) presidential candidate in the last election, expressed his concerns in a personally signed statement, highlighting the alarming rate at which Nigeria is accumulating debt.
✓Nigeria’s Debt Crisis: A Growing Concern
According to a recent World Bank report, Nigeria has become the third most indebted country to the International Development Association (IDA). This disturbing trend is further compounded by the government’s proposal to borrow an additional N1.7 trillion through Euro Bonds to finance the 2024 budget.
Atiku questioned the wisdom of borrowing more money, especially when the current exchange rate is over N1,600 to 1 USD, while the loan proposal is benchmarked at N800 to 1 USD.
✓Corruption and Lack of Transparency
The former Vice President alleged that the government’s voracious appetite for loans is driven by corruption, rather than a genuine need for infrastructure and development. He cited a report by Budgit, a budget watchdog, which revealed that the 2024 Budget is plagued by corruption and pork-barrel spending.
Atiku emphasized the need for caution and prudent management of the country’s finances, warning that the loan frenzy will have devastating consequences for Nigeria’s economy.
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