Atiku Slams Tinubu’s ‘Bone-Crushing’ Borrowing Spree, Cites World Bank Report

Abuja – Former Vice President Atiku Abubakar, the 2023 Presidential Candidate of the Peoples Democratic Party (PDP), has sharply criticised President Bola Tinubu’s administration for its escalating borrowing, citing a World Bank report that ranks Nigeria as the third most indebted nation to the International Development Association (IDA).

In a press release issued today, Abubakar expressed deep concern over the government’s proposed N1.7 trillion (approximately $2.1 billion USD) Eurobond to cover a budget shortfall.

He highlighted the alarming discrepancy between the proposed exchange rate of N800 to the US dollar and the current CBN rate of over N1600, suggesting a lack of transparency in the loan negotiation process.

Abubakar questioned the necessity of further borrowing, given President Tinubu’s July claim that record-high revenues had been collected by the Federal Inland Revenue Service (FIRS) and Customs.

“There is something they are not telling Nigerians,” Abubakar stated, accusing the government of employing “trial-and-error policies and loan rackets” that are crushing the populace.

He further condemned the lack of accountability surrounding the loans, alleging that the funds are not being used for infrastructure or development but are instead fueled by corruption.

Abubakar cited a Budgit report which highlighted the “pork-barrel” nature of the 2024 budget.

The PDP chieftain expressed personal anguish over Nigeria’s return to high levels of foreign debt, just years after the Obasanjo administration successfully cleared the nation’s foreign debt.

He urged for greater caution and fiscal responsibility in the government’s borrowing practices, calling for a more rigorous assessment of loan proposals.

Abubakar concluded by advocating for greater transparency and accountability in government spending.