Former Vice President Atiku Abubakar has condemned the recent request for $21.5 billion and N758 billion pension bond by President Bola Tinubu
In a statement issued on Thursday, Atiku said the president is bent on mortgaging the future of the nation and generations unborn through his addiction to loans.
Describing the fresh loan request as a reckless and dangerous move, the two-time presidential candidate for the Peoples Democratic Party (PDP) said the present administration now spends more on repaying loans than it earns.
While highlighting the nation’s debt profile, Atiku said Tinubu has thrown caution to the wind to embark on another borrowing spree.
Recall that the president had sought the approval of the National Assembly to borrow $21.54 billion, €2.19 billion, and ¥15 billion — an equivalent of over $24 billion.
Atiku warned that since Tinubu assumed office, public debt has jumped by 65.6 per cent with this new venture pushing Nigeria’s debt from N144.7 trillion to N183 trillion.
“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.
“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. Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past,” the former Vice president said.
He also described this new move as economic sabotage while calling for a stop to the borrowing plan.
“We call on lawmakers, civil society organizations, the media, and the international community to take urgent action to stop this looming catastrophe.
Nigeria must not be sold into debt slavery,” he added.