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Atiku Slams Tinubu’s ‘Reckless Borrowing Spree’ – Warns Nigeria’s Debt Crisis Turning into a Ponzi Scheme

By: Manoah Kikekon 

Tinubu and Atiku 



Former Vice President Atiku Abubakar has launched a scathing attack on President Bola Tinubu’s economic policies, accusing him of plunging Nigeria into a dangerous debt trap that risks the future of unborn generations.  

In a strongly worded statement, Atiku condemned Tinubu’s latest request to the National Assembly for approval to borrow an additional **N40.5 trillion**, warning that this would push Nigeria’s total public debt to a staggering N183 trillion .  

Nigeria’s Debt Crisis Under Tinubu & APC
Atiku revealed alarming statistics:  Since Tinubu took office in 2023, Nigeria’s public debt has surged by 65.6%.  Under the APC-led government since 2015, debt has skyrocketed by 1,048% from N12.6 trillion to N144.7 trillion.  The debt-to-GDP ratio has now crossed 50%, signaling severe economic distress.  

Atiku accused Tinubu of running Nigeria’s finances like a Ponzi scheme, where new loans are taken just to pay off old ones leaving no funds for critical sectors like healthcare, education, infrastructure, or job creation.  

“This is not just unsustainable it is immoral,” Atiku declared. “The Tinubu administration is borrowing not for development but to service existing loans, fueling a vicious cycle that mortgages Nigeria’s future.”

Despite the criticism, President Tinubu insisted his policies have strengthened Nigeria’s economy. In a national broadcast marking his two years in office, he claimed:  Debt service-to-revenue ratio dropped from 100% (2022) to under 40% (2024).  Nigeria has paid off IMF loans and boosted foreign reserves from $4 billion (2023) to $23 billion (2024).  

Atiku demanded an immediate halt to further borrowing, calling on lawmakers, civil society, and the international community to intervene.  

“Nigeria must not be sold into debt slavery,” he warned. “This reckless borrowing is economic sabotage in plain sight.”

The escalating debt crisis raises urgent questions:  Can Nigeria escape this financial spiral?  Will Tinubu’s policies lead to recovery or deeper crisis?
Is Nigeria heading toward a debt trap with no way out?

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