Former Vice President Atiku Abubakar has lambasted the National Assembly for approving the request by President Bola Tinubu to borrow N1.7 trillion.
He lamented that Nigeria is plunging more seriously into debt and wondered why the Nigerian lawmakers should turn themselves into accomplices alongside Tinubu’s administration.
He kicked against Tinubu’s move to borrow an additional N1.7 trillion, being shortfall in the 2024 budget, through Euro bonds, arguing that loans under the current government are bone-crushing to Nigerians and bringing insufferable pressure on the economy.
The former Peoples Democratic Party presidential candidate said it is troubling that Nigeria has been rated as the third most indebted country to the International Development Association (IDA), according a report released by the World Bank.
Atiku expressed his dissatisfaction in a message he posted on his X page, suggesting that the President might be hiding something from Nigerians.
According to the former VP, the latest report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning, adding that President Tinubu should have considered this report in his efforts at increasing the debt profile of the country.
Atiku expressed worry that the loan Tinubu is pursuing is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD.
He maintained that Nigeria is sinking further into debt, and the National Assembly has become an accomplice once more.
He noted that in July this year alone, Tinubu boasted that the Federal Internal Revenue Service and Custom Service had collected all-time high revenues to finance the budget.
Wondering why Tinubu still borrows despite his government’s revenue drive, Atiku accused Tinubu of engaging in trial-and-error policies and loan rackets.
He said he feels a sense of personal agony for the fate of the nation, noting that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.
