• Says students writing exams in unfit conditions national disgrace
By Lateef Ibrahim
Former Vice President, Alhaji Atiku Abubakar has said that the announcement by the Tinubu-led APC government to pursue fresh external and domestic loans is a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.
Atiku said this in a statement personally signed by him, in Abuja.
Atiku noted with regret that despite national outrage, the present administration is pushing ahead with plans to borrow $21.54 billion, €2.19 billion, and ¥15 billion — an equivalent of over $24 billion, which is more than 60% of Nigeria’s total foreign exchange reserves.
This alleged borrowing spree, he warned, will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion.
Atiku stated that this addiction to borrowing, entrenched under the APC-led administration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest.
Nigeria, he added, is now caught in a vicious cycle that mortgages the future to pay for the past.
The Presidential candidate of the Peoples Democratic Party (PDP) in the last general election warned that this is economic sabotage in plain sight.
He demanded that the reckless borrowing plan be halted immediately.
Atiku equally called on lawmakers, civil society organizations, the media, and the international community to take urgent action to stop this looming catastrophe.
Nigeria,he cautioned, must not be sold into debt.
The statement by Atiku read in part, “The announcement by the Tinubu-led APC government to pursue fresh external and domestic loans is a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.
“Despite national outrage, this administration is pushing ahead with plans to borrow $21.54 billion, €2.19 billion, and ¥15 billion — an equivalent of over $24 billion, which is more than 60% of Nigeria’s total foreign exchange reserves.
“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion.
“This move comes while Nigeria’s debt burden is already at alarming levels.
“As of December 31, 2024, public debt stood at $94 billion (₦144.7 trillion). Since President Tinubu assumed office in 2023, public debt has jumped by 65.6%.
“Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion.
“The debt-to-GDP ratio has exceeded 50%. The debt-service-to-revenue ratio is over 130%, meaning the government now spends more on repaying loans than it earns.
“This is not just unsustainable — it is immoral. The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs.
“This addiction to borrowing, entrenched under the APC-led administration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest.
“Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past. We warn that this is economic sabotage in plain sight.
“We demand that this reckless borrowing plan be halted immediately.
“We call on lawmakers, civil society organizations, the media, and the international community to take urgent action to stop this looming catastrophe. Nigeria must not be sold into debt slavery”, the statement concluded.
Meanwhile, Atiku condemned recent report of students sitting for the West African Senior School Certificate Examination in appallingly dark and unfit conditions across the country, describing it as nothing short of a national disgrace.
He described the incident as both unfortunate and a damning indictment of the nation’s systemic failure to uphold the most basic standards in public education.
The incident , he maintained, must awaken our national conscience as well as compel immediate and sustained investment in critical social infrastructure, with education as the foremost priority, not in rhetoric but in tangible action.
