Atiku Abubakar Criticizes Tinubu Over New $7.7 Billion Loan Request

Former Vice President Atiku Abubakar has publicly challenged President Bola Tinubu regarding his latest request for a $7.7 billion foreign loan. Atiku expressed concerns about the impact of such borrowing on future generations of Nigerians, especially without clear details on how the funds will be used.

This loan request comes shortly after the Federal Government proposed additional borrowing of over $20 billion and more than €1 billion. Atiku questioned the government’s frequent borrowing habits amid ongoing economic difficulties faced by many Nigerians.

In a statement, Atiku asked why the government continues to seek loans week after week. He emphasized that new debts will eventually burden Nigerian citizens, who are already struggling with rising costs of living. He criticized the administration for not providing enough information on the benefits of previous loans.

Atiku demanded transparency regarding the new loan, including what projects it will fund, their costs, interest rates, and repayment plans. He warned against allowing the government to take on debt without clear accountability and justification.

He also pointed out that despite the removal of the petroleum subsidy, which was expected to improve living conditions, the government has instead become the highest borrowing administration in Nigeria’s history. He highlighted the lack of improvement in public infrastructure and social welfare programs as evidence of the government’s failures.

Atiku urged lawmakers in the Senate to thoroughly review the loan proposal and ensure they have satisfactory answers before approving any further debt obligations for the country.