Former Vice President Atiku Abubakar has criticised President Bola Tinubu over a recent exterior borrowing request of $516 million, warning that the nation should not “borrow blindly” underneath the guise of improvement.
The criticism comes after Tinubu formally wrote to the Senate, in search of approval to safe a $516,333,07 mortgage as a part of efforts to fund key nationwide tasks.
Reacting in a press release issued on Wednesday by way of his Senior Particular Assistant on Public Communication, Phrank Shaibu, Atiku expressed concern over Nigeria’s rising debt profile.
He acknowledged the significance of infrastructure improvement, particularly tasks aimed toward bettering connectivity between areas, however insisted that such ambitions have to be backed by accountable {financial} choices.
“At a time when Nigeria is already groaning underneath the load of unsustainable debt, the resort to one more overseas mortgage, with out clear phrases, clear cost-benefit evaluation, and a reputable compensation framework, raises profound questions on prudence and accountability,” he stated.
The previous vp burdened that Nigerians aren’t against improvement. Nonetheless, he famous that residents count on correct planning and openness in how funds are sourced and utilised. In response to him, borrowing with out readability may deepen the nation’s {financial} burden.
“What Nigerians count on is not only bold tasks, however accountable financing. Improvement should not grow to be a euphemism for deepening debt traps that generations but unborn can be compelled to repay,” he added.
Atiku additionally referenced previous controversies round main infrastructure offers, pointing to considerations raised over procurement processes. He warned towards repeating what he described as questionable practices, notably in large-scale tasks.
“Nigerians haven’t forgotten the intense questions surrounding the opaque award technique of the Lagos-Calabar Coastal Freeway, the place due course of, aggressive bidding, and value-for-money issues have been broadly known as into query. We should not replicate such a troubling precedent,” he acknowledged.
He additional emphasised that each mortgage obtained within the identify of Nigerians have to be dealt with with strict transparency and accountability, consistent with present procurement legal guidelines.
“Each kobo borrowed within the identify of the Nigerian folks have to be matched with transparency, accountability, and strict adherence to procurement legal guidelines,” he stated.
Atiku concluded with a robust warning on the long-term implications of unchecked borrowing, cautioning that improvement constructed on debt with out clear buildings may create extra issues than options.
“Nigeria should construct, however Nigeria should not borrow blindly. Progress anchored on opacity and debt accumulation is neither progress nor management, it’s postponement of disaster,” he stated.