‘Economic sabotage’ — Atiku asks Tinubu to halt borrowing plan

Former Vice-President Atiku Abubakar has asked President Bola Tinubu to halt his borrowing plan, describing the move as “reckless and dangerous”.

In an X post on Thursday, Abubakar criticised the federal government’s plan for external and domestic loans request, warning that the move threatens the future of the country and generations yet unborn.

On May 27, Tinubu wrote to the national assembly requesting approval for an external borrowing plan totalling over $21.5 billion.

The president also sought the lawmakers’ green light to issue federal government bonds worth N757.9 billion to settle outstanding pension liabilities under the contributory pension scheme (CPS).

Reacting to the development, the former vice-president said the amount represents over 60 percent of Nigeria’s total foreign exchange reserves and would raise the country’s public debt from N144.7 trillion to N183 trillion.

“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,” Abubakar said.

“As of December 31, 2024, public debt stood at $94 billion (₦144.7 trillion).

“Since President @officialABAT assumed office in 2023, public debt has jumped by 65.6%. Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion.

“The debt-to-GDP ratio has exceeded 50%. The debt-service-to-revenue ratio is over 130%, meaning the government now spends more on repaying loans than it earns. This is not just unsustainable — it is immoral.

“The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs.”

The politician said the addiction to borrowing has turned public finance into a Ponzi scheme — borrowing to pay debt and borrowing again to pay interest.

“Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past,” he added.

“We warn that this is economic sabotage in plain sight. We demand that this reckless borrowing plan be halted immediately.”

Abubakar called on lawmakers, civil society organisations, the media, and the international community to take urgent action to stop “this looming catastrophe”, noting that Nigeria must not be sold into “debt slavery”.

The ministry of finance had said the borrowing plan would not lead to an “automatic” debt increase.