Tinubu’s loans bone-crushing to Nigerians — Atiku

Former Vice President Atiku Abubakar has expressed worries over recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning.

This comes amid the latest approval by the National Assembly of President Bola Tinubu’s request to borrow an additional N1.7 trillion.

In a statement issued on Thursday, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, described the request as shortfall in the 2024 budget through Euro Bonds.

He said this loan proposal is particularly concerning because it 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.

Atiku stated: “Nigeria is sinking further in debt, and the National Assembly has become an accomplice once more.

“Tinubu had, in July this year, boasted that the FIRS and Customs under his watch have collected all-time high revenues to finance the Budget. Why then are they still borrowing?

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.

“These Tinubu’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilised.

“It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.

“A report by Budgit, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.

“I feel a sense of personal agony seeing that just a few years after the administration of President Obasanjo took our country out of foreign indebtedness, we are today back at the top spot in the same conundrum

“It is time that we apply more caution and apply arithmetic to the loan frenzy.”