Former Vice‑President and presidential aspirant, Atiku Abubakar, has accused the Federal Government of reckless borrowing that, he says, has brought Nigeria to the verge of economic collapse.
At a media briefing in Abuja on Thursday, Atiku warned that the nation’s rising debt profile and excessive domestic and foreign loans are crippling the economy and squeezing Nigerians. He said successive borrowings without strong plans for productive investments have weakened the country’s fiscal health and worsened inflation.
“At this pace, we risk a situation where debt servicing will swallow every allocation meant for development,” Atiku said. “Borrowing must support growth and productivity, not simply plug budget gaps.”
Atiku criticised the government’s heavy dependence on external loans, arguing that such funds often come with conditions that threaten national sovereignty and add pressure on future budgets. He also said constant borrowing had driven the naira’s slide and reduced investors’ confidence.
The former presidential candidate urged policymakers to rethink economic strategy, diversify revenue sources, and prioritise job creation and local production over repeated borrowing.
Atiku also called on the National Assembly to demand transparency in loan approvals and ensure that borrowed funds deliver tangible benefits to citizens. “Nigerians need jobs, stable prices, and improved living standards — not more debt,” he said.
Civil society groups have echoed concerns over rising debt and its impact on public finances. Many analysts believe Nigeria must tighten spending, boost revenue through productive sectors, and pursue reforms to avoid a deeper fiscal crisis ahead of the 2027 elections.
