Atiku to Tinubu: Account for Existing Debt Before Seeking Another $1.5bn Loan

Former Vice President Atiku Abubakar has criticized President Bola Tinubu's administration for demanding ongoing sacrifices from Nigerians while continuously seeking new loans. Speaking in a statement, Atiku pointed out that Nigeria's public debt stands at ₦166.79 trillion, and Tinubu has now requested an additional $1.5 billion from the World Bank.

He demanded that Tinubu first account for the existing debt before borrowing further. Atiku highlighted the struggles of Nigerian families to afford basic necessities, such as food, fuel, and electricity, while the debt continues to rise. He questioned where the promised development would be if families have felt the pain of economic hardship.

Atiku calculated that if Nigeria's public debt were divided equally among every citizen, each person's share would be ₦716,822 today, compared to ₦383,442 three years ago, representing an 87 percent increase. He challenged Tinubu to demonstrate the results and accountability of previous loans and provide a clear plan for meaningful outcomes.

Atiku emphasized that climate resilience must translate into tangible results, such as restored land, improved irrigation, and protection from flooding. He urged the government to publish the projects to be funded, the communities benefiting, and a transparent tracking system for delivery. Atiku also questioned the government's claims of increased revenue and savings from the removal of petrol subsidies, asking why the debt is still climbing despite these sacrifices.

He stressed that the government must show tangible evidence of the money received, the projects built, and the beneficiaries before seeking further loans.