Former Vice President Atiku Abubakar has raised alarm over Nigeria’s growing debt profile, citing a World Bank report listing the nation as the third most indebted to the International Development Association (IDA).
In a statement, the former vice president criticized the federal government’s proposal to borrow an additional N1.7 trillion to cover the 2024 budget deficit, using Eurobonds. He questioned the logic behind pegging the loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate surpassing N1,600 per dollar.
“Nigeria is sinking further into debt, and the National Assembly has become complicit once more,” Atiku said, expressing frustration at the disconnect between the government’s revenue claims and its borrowing spree.
Atiku highlighted President Bola Ahmed Tinubu’s earlier claims that record-high revenues were collected by the Federal Inland Revenue Service (FIRS) and Customs to fund the budget. “If revenues are at an all-time high, why the persistent borrowing?” he queried, accusing the administration of mismanagement and secrecy.
He further criticized the structure of the 2024 budget, citing a BudgIT report that described it as riddled with excessive spending and corruption. Atiku lamented that Nigeria, once free from significant foreign debt under the Obasanjo administration, is now burdened again by poor fiscal policies.
“It is time for caution and responsible arithmetic in managing loans,” he urged, warning that unchecked borrowing and misused funds could have devastating effects on the nation’s economy.
