Former Vice President Atiku Abubakar has criticized the President Bola Tinubu-led administration for the increasing pressure that loans are placing on Nigeria’s economy, describing the situation as “insufferable.” Atiku, the Peoples Democratic Party (PDP) presidential candidate in the 2023 elections, accused both the president and the National Assembly of pushing Nigeria deeper into debt.

In a statement reacting to the government’s recent borrowing proposal, Atiku expressed concern over the World Bank’s report that named Nigeria as the third most indebted country to the International Development Association (IDA). He pointed to the government’s latest move to borrow an additional N1.7 trillion through Euro bonds to cover a shortfall in the 2024 budget, questioning the economic strategy behind the move.

“At a time when the country is already reeling under significant debt, this new borrowing proposal, which is based on an exchange rate of N800 to the dollar, is alarming—especially considering the Central Bank’s rate of over N1,600 to the dollar,” Atiku said. He further criticized the National Assembly for approving such loans, calling it an “accomplice” in driving the country deeper into financial crisis.

Atiku also questioned the rationale behind the government’s borrowing, despite claims by President Bola Tinubu’s administration that the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service had achieved record revenue collections to finance the 2024 budget. “If the revenue is at an all-time high, why continue borrowing?” Atiku asked. He suggested that the government’s handling of the country’s finances was not transparent, and warned that Nigerians were being burdened by “failed policies and loan rackets.”

The PDP leader went on to criticize the government’s “voracious appetite” for loans, suggesting that the funds were not being used for vital infrastructure or development but were instead fueling corruption. He referenced a report by budget watchdog Budgit, which raised concerns over the excessive perks included in the 2024 budget, calling it a “mess.”

Reflecting on Nigeria’s past, Atiku lamented that just a few years after the administration of former President Olusegun Obasanjo had successfully exited foreign debt burden, the country was once again facing a serious debt crisis. He called for a more cautious and strategic approach to borrowing, urging the government to apply “arithmetic” to its loan policies to prevent further economic strain.