Former Vice President Atiku Abubakar, has described the plans by the President Bola Tinubu-led APC government to pursue fresh external and domestic loans as ” a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.”
President Tinubu had recently written to the leadership of the National Assembly, asking for approval to borrow the sum of $21b, ahead of the implementation of the N55T trillion, 2025 budget.
Atiku, in a statement he personally signed on Thursday, noted that despite national outrage, the Tinubu’s administration is pushing ahead with plans to borrow $21.54 billion, €2.19 billion, and ¥15 billion — an equivalent of over $24 billion, which is more than 60% of Nigeria’s total foreign exchange reserves.
“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion.” he said
The main opposition Peoples Democratic Party PDP, Presidential candidate, in the 2023 election, also noted that the”move comes while Nigeria’s debt burden is already at alarming levels.
“As of December 31, 2024, public debt stood at $94 billion (₦144.7 trillion).
The PDP leader stated that public debt has jumped by about 65.6%, since President Tinubu assumed office in 2023
“Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion
He also stated that “debt-to-GDP ratio has exceeded 50%”.
Atiku also stated that debt-service-to-revenue ratio is over 130%, meaning the government now spends more on repaying loans than it earns, which he described as ” unsustainable”
“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.”
Atiku, who condemned what he called “addiction to borrowing”, adding that it is now entrenched under the APC-led administration and now accelerated by President Tinubu.
Read also: Tinubu’s govt has failed Nigerians – Atiku
He also stated that Tinubu “has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest”
According to him” Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past”, warning that ” this is economic sabotage in plain sight.
Atiku who called for an end to the reckless borrowing plan immediately, said: “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” .
…Says writing exams in darkness, national disgrace
In a related development, the former Vice President, described reports of students writing exams in dark, unfit conditions as ” national disgrace”
Atiku stated that recent report of students sitting for the West African Senior School Certificate Examination in appallingly dark and unfit conditions across the country is nothing short of a national disgrace.
He therefore, called on the relevant authorities to ensure that the affected students are allowed to retake the examination under a more conducive condition
Atiku said anything short of this, would amount to injustice for those affected.
” That this outrage occurred just a day after the world marked International Children’s Day only deepens the shame.
Atiku who described the incident as not merely an unfortunate incident, said ” it is a damning indictment of our systemic failure to uphold the most basic standards in public education. It is unacceptable, unjustifiable, and utterly indefensible that in 2025, our children are forced to write critical national exams in pitch darkness like second-class citizens”
Atiku who is also an educationist, said the incident must awaken our national conscience, adding that ” It must compel immediate and sustained investment in critical social infrastructure, with education as the foremost priority — not in rhetoric but in tangible action.
” I therefore demand, unequivocally, that the affected examination paper be retaken in all compromised centres
“Anything less would be a grave injustice to the students whose futures hang in the balance.
He noted that examination preparedness is a shared responsibility between students and the examination authorities.
” In this case, it is glaringly evident that the latter have failed spectacularly in their duty.
“It would be utterly unjust to allow students to suffer the consequences of such gross institutional negligence.
“Going forward, it is imperative that relevant authorities establish and enforce minimum environmental and infrastructural standards for all high-stakes national examinations.
” We must never allow such a shameful scenario to repeat itself — not under our watch” he said.
