“Economic Sabotage”: Atiku Slams Tinubu’s $24 Billion Borrowing Plan, Makes Urgent Demand

• Former vice President Atiku Abubakar has expressed worry about Bola Tinubu's new borrowing plan of $21.54 billion, €2.19 billion, and ¥15 billion, totalling over $24 billion
• Atiku, in a statement on Thursday, accused President Tinubu's government of mortgaging Nigeria’s future by taking too many loans
• The former VP said the decision to take new loans was not only reckless but also a dangerous move that threatened the future of citizens and generations yet unborn

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

Former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has voiced concerns and asked President Bola Tinubu to halt his borrowing plan, describing the move as “reckless and dangerous”.

Atiku cites concern over Tinubu's borrowing plan

In a post shared on his X page on Thursday, May 29, 2025, Atiku criticised the federal government’s plan for external and domestic loans requests.

He noted that Nigeria’s debt burden has already reached alarming levels, with public debt standing at $94 billion (₦144.7 trillion) as of December 31, 2024.

Atiku, however, warned that the move threatens the future of the country and generations yet unborn.

"The announcement by the Tinubu-led APC government to pursue fresh external and domestic loans is a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.

"Despite national outrage, this 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.

"This move comes while Nigeria’s debt burden is already at alarming levels," Atiku said.

Tinubu's borrowing plan, economic sabotage - Atiku

Recall that Tinubu earlier requested the approval of the National Assembly to secure a new wave of multi-currency loans amounting to approximately $23.5 billion, €2.265 billion, ¥15 billion, and N757.9 billion, totalling about N45 trillion when converted to the naira.

Specifically, the president sought approval to raise up to $2 billion in capital from the domestic debt market.

In a statement he signed, Atiku decried the country’s debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio of over 130%, arguing that the government is spending more on repaying loans than it earns.

"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.

"We warn that this is economic sabotage in plain sight.

"We demand that this reckless borrowing plan be halted immediately. 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. -AA

Read more about Atiku here:

• May 29: "You have failed": Atiku blows hot as Tinubu marks 2 years in office
• Atiku, PDP blow react to widespread endorsements of Tinubu
• WAEC: Atiku makes key demand as WASSCE candidates sit for examination in darkness, “National disgrace”
• Breaking: Tinubu makes 10 important appointments, full list emerges
• Tinubu dismisses allegation of one-party state

Atiku dragged for criticising Tinubu's administration

Meanwhile, Legit.ng reported earlier that President Bola Tinubu's special adviser on information and strategy, Bayo Onanuga, tackled Atiku for having political bitterness and unfair criticism against his boss.

The presidential aide claimed while reacting to Atiku's criticism of Tinubu's administration after spending two years in office.

According to Onanuga, Atiku needed to acknowledge the successes and achievements of Tinubu's administration, although he still lives in Dubai.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng