Atiku Slams Tinubu’s New Loan Request as ‘Bone-Crushing’ for Nigerians

Former VP Atiku Abubakar criticizes President Tinubu’s recent loan request, calling it burdensome for Nigerians amid economic challenges.

Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s latest loan request, calling it “bone-crushing.”

The Senate has given the green light to President Tinubu’s request for a ₦1.77 trillion ($2.2 billion) loan following a voice vote that favored the proposal.

However, Atiku has criticized the decision, arguing that the loans are not beneficial to Nigerians.

Atiku expressed on his X handle Thursday that the loans from @officialABAT are extremely burdensome for Nigerians and place immense strain on the economy, particularly when they are not well-negotiated or effectively used.

It is worrisome that the immense demand for these enormous loans is driven by corruption rather than genuine infrastructure and development needs. According to a report by Budgit, a budget watchdog, the 2024 Budget has become problematic due to the significant amount of pork-barrel spending associated with it.

He claimed that the National Assembly was “an accomplice once again.”

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Nigeria is continuing to accumulate more debt, and the National Assembly has once again played a role in this situation. In July of this year, Tinubu proudly claimed that @FIRSNigeria and @CustomsNG had achieved record-high revenues under his leadership to support the Budget,” stated the Peoples Democratic Party (PDP) presidential candidate for the 2023 election.

“Why do they continue to borrow? There seems to be information they’re withholding from Nigerians, especially as the country suffers under their unsuccessful trial-and-error policies and dubious loan schemes.”

“It personally pains me to see that only a few years after President Obasanjo’s administration freed our country from foreign debt, we find ourselves once again at the forefront of this issue,” added the former vice president. “We need to approach borrowing with greater caution and discernment.”

He finds it concerning that a recent World Bank report ranks Nigeria as the third-most indebted country to the International Development Association (IDA).

“The recent World Bank report revealing Nigeria as the third largest debtor to the International Development Association (IDA) is highly concerning,” he stated.