Former Vice President Atiku Abubakar has criticized President Bola Tinubu's plan to borrow a fresh $1.5 billion from the World Bank, saying the government should first account for previous borrowings. In a statement, Atiku faulted Tinubu's economic stewardship, citing Nigeria's public debt, which has hit N166.79 trillion. He accused the government of demanding endless sacrifice from Nigerians while continuously seeking fresh loans.
Atiku's statement, issued by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, described Tinubu's record as an indictment of his economic stewardship. Atiku noted that families are struggling to afford basic necessities like food, fuel, and electricity, yet the debt continues to climb. He highlighted that if Nigeria's public debt were divided among everyone, each person's share would be N716,822 today, an 87 percent increase from three years ago.
The proposed $500 million facilities for climate resilience, social protection, and early childhood development address real needs, Atiku said. However, he emphasized that worthy program names cannot stand in for a public account of how previous loans were spent or a clear plan for delivering measurable results. Atiku urged the government to publish the projects to be funded, the communities and citizens expected to benefit, and the terms of borrowing and disbursement.
Atiku challenged the government to reconcile its appetite for borrowing with its repeated claims of higher revenue and savings from petrol subsidy removal. He asked why the debt keeps climbing if more money is coming in and where the results are, given the sacrifices made by Nigerians. A government cannot keep announcing savings, signing loans, and asking the same struggling families to wait for relief, he said.
The former Vice President emphasized that the question before Tinubu is no longer how many development programs his government can name, but what Nigerians can see, use, and independently verify. He demanded that the government show the money already received, what it built, and who benefited, and account for the debt already on Nigeria's books before borrowing another dollar.
Atiku's criticism comes as the Federal Government seeks fresh $1.5 billion loans from the World Bank. The proposed loans aim to address pressing issues like climate resilience, social protection, and early childhood development. However, Atiku's concerns about transparency and accountability in the use of previous loans remain unaddressed.
The debate over Nigeria's rising debt and the government's borrowing plans is likely to continue, with Atiku's call for transparency and accountability gaining attention. The government's ability to provide a clear plan for delivering measurable results and addressing the country's pressing needs will be crucial in determining the success of its borrowing plans.
Key points
- Atiku Abubakar urges President Tinubu to account for previous loans before seeking a fresh $1.5 billion from the World Bank.
- Nigeria's public debt has hit N166.79 trillion, with each person's share increasing to N716,822.
- Atiku challenges the government to reconcile its borrowing plans with claims of higher revenue and savings from petrol subsidy removal.
