Atiku Speaks Out as Presidency Says Nigeria’s Borrowing Level is Lower Than That of Some Countries
- Atiku Abubakar has criticised President Bola Ahmed Tinubu's government for 'reckless borrowing amid worsening poverty and insecurity in Nigeria'
- Nigeria's proposed $1.25 billion World Bank loan raises concerns over rising public debt and economic mismanagement
- Critics of the Tinubu administration demand real improvements in their lives rather than government statistics celebrating debt figures
Legit.ng journalist Ridwan Adeola Yusuf has over nine years of experience covering politics, elections, public affairs, and governance in Nigeria and Africa.
FCT, Abuja - Former Vice President Atiku Abubakar on Thursday, May 28, lambasted the President Bola Tinubu administration for what he described as "a disgraceful attempt to glorify reckless borrowing while millions of Nigerians sink deeper into hunger, poverty, fear, and despair."
Reacting to recent comments from the presidency suggesting that Nigeria’s borrowing level is lower than that of some African countries, Atiku stated that the presidency has once again "demonstrated a dangerous disconnect from the grim realities confronting ordinary Nigerians."
Source: Getty Images
Legit.ng had reported that Nigeria is requesting a $1.25 billion loan from the World Bank for reforms, job creation and competitive enhancement.
This is expected to be approved by June and will further increase Nigeria's growing public debt level.
Nigeria's loan from the World Bank is also on the rise as President Tinubu's administration seeks foreign funds for projects.
Atiku bemoans Nigeria's borrowings
In a statement issued by his senior special assistant on public communication, Phrank Shaibu, and sent to Legit.ng, Atiku said no responsible government measures economic success by the amount of debt it accumulates relative to other nations, but by whether citizens can afford food, live safely, run businesses, and look to the future with hope.
According to the fierce critic of the ruling government, the Tinubu administration has tragically reduced governance to a public relations exercise where suffering citizens are fed with statistics while their daily realities deteriorate at an alarming pace.
The statement said:
“It is both astonishing and insulting that at a time when millions of Nigerians can barely afford one meal a day, when parents are withdrawing children from school because of crushing hardship, when businesses are collapsing under unbearable electricity tariffs and inflation, and when entire communities are being overrun by terrorists, bandits, and kidnappers, the presidency is celebrating debt figures as though indebtedness itself were an economic achievement."
Atiku noted that borrowing is not inherently bad when it is tied to productive investments that improve lives, expand infrastructure, strengthen national security, boost agriculture, and drive economic growth. However, he lamented that under the current administration, increased borrowing has coincided with worsening insecurity, rising hunger, declining purchasing power, and growing public despair across the country.
Atiku slams Tinubu on insecurity
He stated that the irony of the Tinubu administration is that despite unprecedented borrowing and painful economic policies imposed on Nigerians, the average citizen is worse off today than ever before.
Atiku stated:
“Across the country, farmers can no longer safely access their farmlands because vast territories have effectively fallen under the control of armed gangs and terrorists. Food production has declined sharply because rural communities now live under constant threat of attacks, abductions, and killings. The inevitable result is what Nigerians are currently witnessing — astronomical food prices, widespread hunger, malnutrition, and rising anger among citizens abandoned by their own government."
The erstwhile Nigerian No.2 citizen said it was particularly shameful that government officials continue to speak casually about debt while insecurity has reached a level where citizens now budget for ransom payments the same way they budget for school fees or rent.
“In many parts of Nigeria today, travelling by road has become a gamble with death. Families go to bed praying not to receive midnight calls announcing the abduction of loved ones. Villages are sacked almost routinely while those in power appear more concerned about image management than decisive action. What exactly are Nigerians benefiting from all these loans if insecurity continues to spread and the economy continues to suffocate?” he queried.
Atiku accuses federal government of mismanagement
Furthermore, the 79-year-old presidential hopeful accused the administration of weaponising propaganda in an attempt to distract Nigerians from the catastrophic consequences of its economic mismanagement.
He added:
“No nation becomes prosperous by borrowing to finance consumption, sustain wasteful government lifestyles, and paper over policy failures. Countries that borrow responsibly do so to expand productivity, create jobs, secure critical infrastructure, and improve the welfare of their citizens. In Nigeria today, however, citizens see no correlation between the mounting debt profile and improvement in their daily lives."
The Adamawa-born serial presidential candidate recalled that the administration in which he served alongside former President Olusegun Obasanjo "pursued difficult but disciplined economic reforms that eventually freed Nigeria from the crippling burden of Paris Club debt and restored global confidence in the Nigerian economy."
He said:
“It is therefore tragic that a government that inherited a struggling but manageable economy has plunged the nation into deeper debt, deeper poverty, deeper insecurity, and deeper despair within such a short period, yet still expects applause from suffering citizens."
Atiku demands honest response to crises
Atiku warned that no amount of media spin can hide the growing frustration across the country, stressing that Nigerians are not interested in comparisons with other African countries but in whether their own lives are improving.
“Nigerians do not care about statistical gymnastics from government spokespersons. They care about whether food is affordable, whether their children are safe, whether businesses can survive, whether farmers can return to their lands, and whether the future still holds any promise. Sadly, under this administration, the answer to those questions is becoming increasingly bleak.”
Conclusively, he urged the Tinubu administration to "abandon propaganda and confront the harsh realities facing the nation with sincerity, competence, urgency, and compassion before the country slips further into economic and social instability."
Source: Facebook
Read more on Atiku Abubakar:
- Cleric releases 2026 prophecies, seeks prayers for Atiku, VeryDarkMan as full message emerges
- 2027 election: Peter Obi predicted to align with Tinubu, "he will never agree to work with the coalition"
- Atiku clarifies encounter with APC’s Yari in Abuja as ex-VP sets sights on sacking Tinubu
Atiku not yet retired
Earlier, Legit.ng reported that ahead of the 2027 elections, Atiku accused "anti-democratic elements" of attempting to create confusion and dampen the momentum of the African Democratic Congress (ADC).
According to a statement by Atiku's media office, obtained by Legit.ng, the former Vice President said insinuations that he has quit active politics are fake news.
Source: Legit.ng
