Former Vice President Atiku Abubakar has expressed concerns over the Tinubu-led government's economic policies, particularly the plan to secure a $1.5 billion loan from the World Bank. With Nigeria's public debt currently standing at ₦166.79 trillion, Atiku argued that the government must first account for previous borrowings before seeking additional loans. He stated that Nigerians are struggling with the rising costs of living, including food, fuel, and electricity, yet the debt continues to climb.
Atiku's statement, released by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress (ADC) Presidential Campaign Council, criticized the government's economic stewardship. He noted that the public debt per person has increased to ₦716,822, an 87 percent rise from ₦383,442 three years ago. Atiku questioned the benefits of the government's policies, stating that Nigerians have felt the pain of economic reforms but have not seen corresponding development.
The proposed loan is intended to support climate resilience, social protection, and early childhood development. While Atiku acknowledged the importance of these initiatives, he emphasized the need for transparency and accountability in the use of borrowed funds. He called on the government to publish details of the projects to be funded, the communities expected to benefit, and the targets for each program.
Atiku also challenged the government's claims of increased revenue and savings from the removal of petrol subsidies. He questioned why the debt continues to rise if more money is coming in, and where the results of the government's policies are. The former Vice President stressed that Nigerians are eager to see tangible outcomes from the government's initiatives.
Atiku urged the government to provide a clear plan for delivering measurable results from the proposed loan. He emphasized that climate resilience, social protection, and early childhood development must produce identifiable outcomes, such as restored land, delivered irrigation, and protected communities. The government must also demonstrate how the loan will benefit Nigerians and provide a timetable for tracking delivery.
The former Vice President questioned the government's ability to manage debt and implement effective economic policies. He stated that Nigerians can no longer trust the government's promises without seeing concrete results. Atiku emphasized that the government must account for previous borrowings and demonstrate a clear plan for using new loans effectively.
Atiku concluded by emphasizing the need for transparency and accountability in the government's economic policies. He called on the government to show Nigerians what has been built, who has benefited, and how the debt has been used. The government must provide a clear and measurable plan for using borrowed funds to support development initiatives that benefit Nigerians.
Key points
- Atiku Abubakar criticizes President Tinubu's government for seeking a $1.5bn loan amid rising public debt.
