“Economic sabotage, ponzi scheme”: Atiku spits fire over Tinubu’s $24billion borrowing spree

• Former Vice President Atiku Abubakar has expressed interest astir Bola Tinubu's caller borrowing program of $21.54 billion, €2.19 billion, and ¥15 cardinal — totaling implicit $24 billion
• Atiku, successful a connection connected Thursday, accused President Tinubu's authorities of mortgaging Nigeria’s aboriginal by taking excessively galore loans
• The erstwhile VP said the determination to instrumentality caller loans was not lone reckless but besides a unsafe determination that threatened the aboriginal of citizens and generations yet unborn

They besides expressed interest implicit nationalist indebtedness sustainability amid fiscal challenges.

Legit.ng journalist Esther Odili has implicit 2 years of acquisition covering political parties and movements.

Former Vice President and 2023 statesmanlike campaigner of Peoples Democratic Party (PDP), Atiku Abubakar, has voiced concerns and asked President Bola Ahmed Tinubu to halt his borrowing plan, describing the determination arsenic “reckless and dangerous”.

Atiku has urged Tinubu's authorities to halt further borrowing of loans. Photo credit: Atiku Abubakar, Asiwaju Bola Ahmed Tinubu
Source: Facebook

Atiku cites interest implicit Tinubu's caller borrowing plan

In a station shared connected his X page, connected Thursday, May 29, Atiku criticised the national government’s program for outer and home loans request.

He noted that Nigeria’s indebtedness load has already reached alarming levels, with nationalist indebtedness lasting astatine $94 cardinal (₦144.7 trillion) arsenic of December 31, 2024.

Atiku, however, warned that the determination threatens the aboriginal of the state and generations yet unborn.

"The announcement by the Tinubu-led APC authorities to prosecute caller outer and home loans is simply a reckless and unsafe determination that threatens the aboriginal of Nigeria and generations yet unborn."Despite nationalist outrage, this medication is pushing up with plans to get $21.54 billion, €2.19 billion, and ¥15 cardinal — an equivalent of implicit $24 billion, which is much than 60% of Nigeria’s full overseas speech reserves. This borrowing spree volition rise our full nationalist indebtedness from ₦144.7 trillion to a crushing ₦183 trillion."This determination comes portion Nigeria’s indebtedness load is already astatine alarming levels," Atiku said.

Atiku urged Tinubu to instantly halt the caller borrowing plan. Photo credit: Asiwaju Bola Ahmed Tinubu
Source: Facebook

Tinubu's borrowing program is economical sabotage - Atiku

Recall that Tinubu earlier requested for the support of the National Assembly to unafraid a caller question of multi-currency loans amounting to astir $23.5 billion, €2.265 billion, ¥15 billion, and N757.9 billion, totalling astir N45 trillion erstwhile converted to the naira.

Specifically, the president sought support to rise up to $2 cardinal successful superior from the home indebtedness market.

In a connection helium signed, Atiku decried the country’s debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio of implicit 130%, arguing that the authorities is spending much connected repaying loans than it earns.

"This addiction to borrowing, entrenched nether the APC-led medication and present accelerated by President Tinubu, has turned nationalist concern into a Ponzi strategy — borrowing to wage debt, past borrowing again to wage interest. Nigeria is present caught successful a vicious rhythm that mortgages the aboriginal to wage for the past."We pass that this is economical sabotage successful plain sight."We request that this reckless borrowing program beryllium halted immediately. We telephone connected lawmakers, civilian nine organizations, the media, and the planetary assemblage to instrumentality urgent enactment to halt this looming catastrophe."Nigeria indispensable not beryllium sold into indebtedness slavery. -AA

Read much astir Atiku here:

• May 29: "You person failed": Atiku blows blistery arsenic Tinubu marks 2 years successful office
• Atiku, PDP stroke respond to wide endorsements of Tinubu
• WAEC: Atiku makes cardinal request arsenic WASSCE candidates beryllium for introspection successful darkness, “National disgrace”
• Breaking: Tinubu makes 10 important appointments, afloat database emerges
• Tinubu dismisses allegation of one-party state

Atiku dragged for being "unfair" to Tinubu's administration

Meanwhile, Legit.ng reported earlier that President Bola Tinubu's peculiar advisor connected accusation and strategy, Bayo Onanuga, has tackled erstwhile Vice President Atiku Abubakar for having governmental bitterness and unfair criticism against his boss.

The statesmanlike adjutant claimed portion reacting to Atiku's disapproval of Tinubu's medication aft spending 2 years successful office.

According to Onanuga, Atiku needed to admit the successes and achievements of Tinubu's administration, though helium inactive lives successful Dubai.

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Source: Legit.ng