Isaac Samuel
Former Vice President Atiku Abubakar has raised the alarm over Nigeria’s growing debt profile under the administration of President Bola Ahmed Tinubu.
Atiku, who was the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections warned that the country is sliding into debt slavery with little to show in terms of development.
Atiku in a statement on Tuesday marking the second anniversary of President Tinubu in office described the Tinubu-led government as reckless, incompetent and dangerously disconnected from the realities faced by ordinary Nigerians.
The former ice president decried what he called the administration’s addiction to borrowing, saying it threatens the country’s economic future and burdens generations yet unborn.
Citing official data, Atiku revealed that Nigeria’s total public debt rose from N49 trillion in May 2023 when President Tinubu assumed office, to N144.7 trillion by the end of 2024 representing a 150 percent increase in less than two years.
With new borrowing plans underway, he warned, the figure could rise to N183 trillion.
He said: “Since President Tinubu assumed office in 2023, public debt has jumped by 65.6 per cent .
“Under the APC-led administration since 2015, public debt has ballooned by 1,048 per cent from ₦12.6 trillion to ₦144.7 trillion
The debt-to-GDP ratio has exceeded 50 per cent.
“The debt-service-to-revenue ratio is over 130 per cent, 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.
Atiku, who is also leading Nigeria’s opposition parties to wrestle power from the APC government in 2027 declared that the administration of President Tinubu has failed woefully and is inflicting unprecedented hardship on citizens.
The former vice president vowed that the opposition would mobilise a broad-based coalition to resist what they described as elite-driven governance and creeping authoritarianism.
He condemned Tinubu’s government as incompetent, disconnected, and anti-people, warning that the country’s democratic space is shrinking under the weight of authoritarian tendencies and economic mismanagement.
Citing the Global Hunger Index 2024, the coalition noted that Nigeria currently ranks 18th among countries most affected by hunger and malnutrition.
This, it said, reflects the government’s failure to meet the basic needs of its citizens.
The statement decried worsening poverty across the country, accusing the Tinubu government of presiding over a regime that prioritises elite comfort over public welfare.
It further criticised a series of policy decisions that it said have widened the inequality gap, turning essential services into privileges for the rich.
Atiku said the coalition it is working to build a united front that would hold the government accountable and restore power to the people.
