Atiku Tackles Tinubu Over Fresh $516m Loan, Warns on Debt Burden

ABUJA — April 24, 2026: Former Vice President, Atiku Abubakar, on Friday criticised the Federal Government over its plan to secure a fresh $516 million loan, describing the move as a continuation of what he termed Nigeria’s “dangerous dependence on borrowing.”

In a statement issued in Abuja, Atiku said while infrastructure development remains critical to economic growth, the increasing reliance on external loans raises serious concerns about long-term sustainability. He warned that Nigeria’s rising debt profile could place undue pressure on future generations.

According to him, successive administrations have justified borrowing as necessary for development, yet tangible outcomes in critical sectors remain inadequate. He called on the Federal Government to provide clear details on how the proposed loan would be utilised and the expected economic returns.

The former presidential candidate further urged authorities to explore alternative funding options, including public-private partnerships and improved revenue generation mechanisms. He stressed that fiscal discipline and transparency must be prioritised.

Nigeria’s public debt has continued to rise in recent years, sparking debates among economists and policy experts over the country’s borrowing strategy. While government officials maintain that the loans are within manageable limits, critics argue that debt servicing costs are already consuming a significant portion of national revenue.

The latest loan request, reportedly tied to infrastructure projects, is expected to be presented for legislative approval in the coming weeks, setting the stage for further debate at the National Assembly.