Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu's administration over its recent request for approximately $24.14 billion in foreign loans, describing it as "a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn."

The loan request, which was submitted to the National Assembly earlier this week, has sparked significant outrage among stakeholders who fear it could push Nigeria's total debt to an unprecedented N183 trillion.

Mounting Debt Concerns

In a statement released on Thursday, Atiku highlighted that Nigeria's debt burden is already at alarming levels. "As of December 31, 2024, public debt stood at $94 billion, equivalent to ₦144.7 trillion," he noted.

The former Vice President pointed out that since President Tinubu assumed office in 2023, Nigeria's public debt has increased by 65.6%. Even more concerning, he stated that since the All Progressives Congress (APC) took power in 2015, "public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion."

Atiku called for the immediate suspension of further borrowing by the current administration, expressing concern about the long-term implications of such massive debt accumulation.

Growing Opposition

The loan request comes at a time when many Nigerians are already struggling with economic hardships, including high inflation and rising living costs. Critics argue that rather than taking on more debt, the government should focus on improving revenue generation, reducing waste, and implementing more sustainable economic policies.

This criticism adds to the mounting pressure on President Tinubu's administration as it marks its second year in office. The government has defended its economic reforms as necessary for long-term growth, but opposition figures like Atiku continue to question the effectiveness and sustainability of these policies.

The National Assembly is yet to make a decision on the loan request, but the debate is expected to intensify in the coming weeks as lawmakers weigh the potential benefits against the risks of further increasing Nigeria's debt burden.