Atiku Criticizes Tinubu, Claims Loan Burden Crushing Nigeria’s Economy

Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu's approach to foreign loans, describing them as "bone-crushing" for Nigerians and placing unbearable pressure on the economy. This criticism comes in light of the National Assembly's recent approval of President Tinubu's request to borrow N1.7 trillion from external sources.

Atiku expressed his concerns following a report by the World Bank, which highlighted Nigeria as the third most indebted country to the International Development Association (IDA). He noted that this borrowing proposal is particularly alarming because it is benchmarked at an exchange rate of 1 USD to N800, while the current rate from the Central Bank of Nigeria exceeds N1,600 to 1 USD.

Atiku questioned why the government continues to borrow despite claims of record-high revenue collections by the Federal Inland Revenue Service (FIRS) and Customs under Tinubu's administration. He suggested that there might be undisclosed issues contributing to the economic strain, exacerbated by what he termed as "failed trial-and-error policies and loan rackets."

Atiku further warned that the voracious appetite for these substantial loans appears driven by corruption rather than genuine infrastructure and development needs. A report by Budgit, a budget watchdog, indicated that the 2024 budget is problematic due to excessive allocations, commonly referred to as "pork."

Reflecting on Nigeria's past, Atiku lamented that just a few years after President Obasanjo's administration had relieved the country of foreign debt, Nigeria finds itself once again heavily indebted. He urged for more caution and careful calculations in managing the nation's finances, emphasizing the need to avoid repeating past mistakes.