Atiku blasts Tinubu's loan spree as irresponsible, secretive, and a destructive blow to the economy

Former Vice President Atiku Abubakar has expressed deep sadness over reports that President Bola Tinubu is in talks with the World Bank to secure an additional $1.25 billion loan facility, characterizing the administration's reliance on foreign debt as "reckless, opaque and dangerously habitual".

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This criticism comes as Atiku describes the administration's borrowing habits as troubling and unconscionable, particularly given the lack of noticeable improvement in the daily lives of Nigerians despite promises of economic renewal.

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Atiku argues that the loans, which were purportedly for infrastructure, power, and economic recovery, have instead left Nigerians struggling with darkness, treacherous roads, and crippling energy costs, with hunger becoming a widespread issue.

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The former Vice President is calling on the World Bank and other creditors to exercise greater prudence in ensuring compliance with loan terms and conditions, citing the administration's borrowing trajectory as being at odds with its claims of improved revenue generation.

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Atiku points out that the International Development Association loans, which are typically granted to extremely poor countries, place Nigeria alongside Bangladesh and Pakistan as having the highest loan exposure to the World Bank, contradicting the administration's assertions of increased revenue generation.

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He draws a distinction between the current administration's debt trajectory and the landmark Paris Club debt exit of 2005-2006, which he and former President Olusegun Obasanjo negotiated through fiscal discipline and reform-driven leadership.

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Atiku notes that it is ironic that the same nation that exited the Paris Club debt trap through prudent management and international goodwill is now being dragged back into debt dependency, with the legacy of debt relief being squandered through alarming irresponsibility.

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The former Vice President is unsparing in his criticism of the administration's economic philosophy, asserting that borrowing is not equivalent to governance and that debt is not a measure of development.

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Atiku declares that the administration's belief that borrowing constitutes governance is misguided, and that loans and debt are not indicators of achievement or development, but rather a form of "economic vandalism" that mortgages the future of unborn Nigerians.

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He also criticizes international lenders, urging them to demand transparency and measurable impact before extending further credit to an administration that has shown little evidence of efficient utilization.

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Atiku warns that a government that continues to borrow without showing tangible improvements in key areas such as electricity supply, healthcare, and infrastructure raises concerns about fiscal credibility and governance discipline.

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The former Vice President calls on the Federal Government to publish a comprehensive account of all loans secured since May 2023, including their terms, disbursement status, and specific project outcomes tied to each facility.