The Presidency has responded sharply to comments made by former Vice President Atiku Abubakar, who raised concerns over President Bola Ahmed Tinubu’s request for legislative approval of a $24 billion foreign loan proposal.
Atiku had warned that the move would deepen Nigeria’s debt crisis, describing the loan as “unsustainable” and “immoral.” He urged the National Assembly and civil society organisations to reject the proposal, claiming it would increase the nation’s total public debt from N144.7 trillion to N183 trillion, and consume over 60% of the country’s foreign exchange reserves.
“This administration is borrowing not for development, but to service existing debts, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs,” Atiku said in a statement.
However, in a swift rebuttal, the Senior Special Adviser on Information and Strategy to the President, Mr. Bayo Onanuga, dismissed Atiku’s remarks as “vitriolic, unfair, and driven more by animosity than objective analysis.”
Onanuga accused the former Vice President of ignoring the strides made by the Tinubu administration, saying, “Unless former Vice President Atiku allows personal grievances to cloud his judgment, he should in good conscience acknowledge the significant progress and positive achievements made by this administration.”
He further highlighted key reforms introduced by President Tinubu, including the removal of fuel subsidy and the unification of the exchange rate, which he described as bold steps long overdue but avoided by past administrations—including the Obasanjo-Atiku era.
“Even Atiku included these reforms in his campaign manifesto. But the responsibility to implement them fell on Tinubu, the winner of the 2023 election,” Onanuga noted.
The loan request remains under scrutiny, with debates intensifying over its implications for Nigeria’s economic future amid rising debt concerns and growing public sector borrowing.
