Former presidential candidate Atiku Abubakar has raised concerns about Nigeria’s escalating debt, warning that the country is sinking further into financial trouble. His remarks followed the recent approval by the House of Representatives of a ₦1.77 trillion ($2.2 billion) loan request from President Bola Tinubu. Both chambers of the National Assembly have now given the green light for the loan, which the House Committee on Loans and Debt Management presented during a plenary session led by Speaker Tajudeen Abbas.
Atiku criticized the National Assembly, suggesting that it is enabling further debt accumulation. He pointed to a recent World Bank report ranking Nigeria as the third-most indebted country to the International Development Association (IDA), stating that such borrowing decisions bring immense pressure on the economy. Atiku also expressed concern over the high exchange rate at which this loan is pegged, which he argued worsens the financial impact on Nigerians.
In his statement, Atiku emphasized that the continual borrowing contradicts previous assurances of record-high revenue collections from the Federal Inland Revenue Service (FIRS) and Customs. He urged for greater caution and transparency in handling the nation’s debt, lamenting that years after exiting foreign debt under President Obasanjo, Nigeria is once again facing overwhelming financial obligations.