Former Vice President Atiku Abubakar has voiced strong opposition to President Bola Ahmed Tinubu’s recent request for a fresh loan, describing it as a "bone-crushing burden" on Nigerians.
Atiku made his stance clear during a statement released on Thursday, warning of the severe economic consequences of the government’s growing reliance on borrowing.
The controversy stems from Tinubu’s request to the National Assembly seeking approval for a $10 billion foreign loan, purportedly aimed at funding critical infrastructure projects and bridging budget deficits.
However, Atiku argued that the move would plunge the country deeper into debt, further exacerbating the economic hardships faced by citizens.
“Rather than prioritizing initiatives to strengthen the economy and empower the people, this administration is burying Nigerians under a mountain of debt,” Atiku said.
He also criticized the government for failing to address the root causes of economic instability, such as corruption and wasteful spending.
This is not the first time Atiku has clashed with Tinubu’s administration on fiscal policies. As a vocal critic of excessive borrowing, the former vice president has repeatedly advocated for economic reforms, including diversification and investment in local industries, as alternatives to foreign loans.
Public reaction to the proposed loan has been mixed. While government officials argue that the funds are necessary for national development, many Nigerians share Atiku’s concerns about the long-term implications of ballooning debt.
Experts have also warned that servicing existing loans is already consuming a significant portion of the country’s revenue, leaving little room for growth.
The debate over Tinubu’s loan request highlights the broader challenges of navigating Nigeria’s fragile economy.
As the administration faces mounting pressure to deliver on its promises of prosperity and stability, the nation watches closely to see whether this borrowing gamble will pay off or deepen the economic strain.