Former Vice President Atiku Abubakar has criticised the Federal Government’s borrowing spree, stating that “loans are not achievements” and that Nigeria is being dragged back into debt dependency. Reacting to reports of a fresh $1.25 billion World Bank loan request, Atiku said the administration has become synonymous with industrial-scale borrowing without corresponding improvement in citizens’ lives. He urged the World Bank to insist on transparency and accountability, warning that creditors must ask whether they are funding development or enabling dysfunction.
Key Points:
Atiku contrasted Tinubu’s borrowing with the 2005-2006 Paris Club debt relief achieved under Obasanjo’s administration.
He described the borrowing as “reckless, opaque, and dangerously habitual.”
Nigerians still face poor electricity, bad roads, collapsing businesses, and hunger despite loan claims.
Atiku demanded a full account of all loans secured since 2023, including terms and project outcomes.
He warned that mortgaging unborn Nigerians’ future to fund present incompetence is “economic vandalism.”
Sources: Daily Trust
