Former Vice President Atiku Abubakar has expressed concerns over President Bola Tinubu's plan to borrow $1.5 billion from the World Bank. Atiku stated that the government must account for the existing debt before seeking additional loans. According to him, Nigeria's public debt stands at ₦166.79 trillion. Atiku's statement was released by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, on Monday. Atiku emphasized that Nigerians are struggling to afford basic necessities like food, fuel, and electricity.
Atiku highlighted that if Nigeria's public debt were divided among its citizens, each person's share would be ₦716,822, an 87% increase from ₦383,442 three years ago. He criticized Tinubu's economic stewardship, stating that the government's policies have caused Nigerians significant hardship without providing corresponding development. Atiku questioned the effectiveness of the government's programmes, asking what has been built and who has benefited from them. He expressed skepticism about trusting the government with another term in office given its current performance.
Atiku acknowledged that the proposed $500 million facilities for climate resilience, social protection, and early childhood development address real needs. However, he emphasized that worthy programme names are insufficient without a clear plan for delivering measurable results. Atiku demanded that the government publish details on the projects to be funded, the communities expected to benefit, and the terms of borrowing and disbursement. He also called for a timetable to track delivery.
Atiku specified that climate resilience should be measured by identifiable land restored, irrigation delivered, and communities protected from flooding. Social protection should identify recipients and provide support, while early childhood development should produce measurable gains in nutrition, healthcare, and learning. He challenged the government to reconcile its borrowing plans with its claims of higher revenue and savings from petrol subsidy removal.
Atiku questioned why Nigeria's debt continues to climb despite claims of increased revenue and savings. He emphasized that the government cannot keep announcing savings and signing loans while asking struggling families to wait for relief. Atiku stated that Nigerians have made significant sacrifices and deserve tangible results.
Atiku emphasized that the question before Tinubu is no longer about the number of development programmes his government can launch, but about what Nigerians can see, use, and independently verify. He demanded that the government show how it has utilized the money already received, what it has built, and who has benefited. Atiku insisted that the government must account for the existing debt before borrowing additional funds.
Atiku's criticism comes as the Tinubu administration seeks to implement various development programmes. The government's borrowing plans have sparked concerns among Nigerians, who are eager to see tangible results from the funds being borrowed. Atiku's statement reflects the growing debate about the government's economic policies and its ability to manage the country's debt.
Key points
- Atiku Abubakar criticizes President Tinubu's plan to borrow $1.5bn from World Bank.
- Nigeria's public debt stands at ₦166.79 trillion.
- Atiku demands that the government account for existing debt before seeking additional loans.
