Former Vice President Atiku Abubakar has called on the Federal Government to halt what he described as reckless borrowing plan.
Atiku, in a post on his X account on Thursday, stated that the President Bola Tinubu administration is carrying out economic sabotage in plain sight.
The People’s Democratic Party presidential candidate during the 2023 general election warmed that this plan will skyrocket Nigeria’s public debt from “N144.7 trillion to a crushing N183 trillion”.
Atiku’s concern is comes after President Tinubu wrote to the National Assembly on May 27, requesting the approval of an external borrowing plan of around $21.5 billion.
Tinubu also sought the approval of the lawmakers to issue federal “bonds worth of N757.9 billion to settle outstanding pension liabilities under the contributory pension scheme (CPS)”.
Atiku, who detailed how external debt has increased under the All Progressive Congress and Tinubu-led administration, called on civil society and international community to act before Nigeria gets sold into “debt slavery”.
His post partly reads, “This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion. This 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). Since President @officialABAT assumed office in 2023, public debt has jumped by 65.6%.
“Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion.
“The debt-to-GDP ratio has exceeded 50%. The debt-service-to-revenue ratio is over 130%, meaning the government now spends more on repaying loans than it earns. 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.”
The ministry of finance, however, has defended the borrowing plan, stating that it would not automatically increase Nigeria’s external debt.
