Atiku Slams Tinubu’s Midterm Performance, Warns Of ‘Debt Slavery’

As President Bola Tinubu’s administration marks its second year in office, former Vice President Atiku Abubakar has criticised the administration’s scorecard, declaring the government a failure and accusing it of plunging Nigeria into a deepening debt crisis.

The 2023 presidential candidate of the Peoples Democratic Party (PDP) made his remarks in two separate posts on his official X (formerly Twitter) platform on Thursday.

Atiku, in the posts, shared within an hour between each other, described the administration as “one of the most incompetent, disconnected, and anti-people governments in Nigeria’s democratic history.”

He further declared that “no previous administration has inflicted this level of hardship on the masses while showing such disregard for transparency, accountability, and responsible leadership.”

According to Atiku, the Tinubu government has “not only deepened poverty across the country,” but has also “set new records in wasteful public spending.”

Citing the 2024 Global Hunger Index, the Waziri Adamawa claimed that Nigeria now ranks 18th globally for hunger and malnutrition, overtaking war-torn Sudan as the African country with the highest number of malnourished children.

He also raised the alarm over the rising cost of public services, highlighting recent hikes in identity registration and university tuition fees.

“Policy after policy under this administration has targeted the poor while providing relief and advantage to the rich,” he said.

“Just two weeks ago, the National Identity Management Commission (@nimc_ng) hiked its fees by 75%, introducing VIP protocols for services that should be a basic right of citizenship.

“In education, public university fees have been raised far beyond the reach of poor families, with no adequate support mechanisms in place,” Atiku said.

He further criticised the government’s fiscal policy, accusing it of irresponsible borrowing. “When President Tinubu assumed office in 2023, Nigeria’s total public debt stood at approximately N49 trillion. In just two years, that figure has skyrocketed to N144 trillion — a 150% increase — with more foreign loans now being requested, which could push the debt to N183 trillion,” he stated.

In a follow-up post, the former vice president focused exclusively on the debt issue, calling Tinubu’s borrowing pattern “a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.”

He warned that the administration’s plan to borrow over $24 billion in foreign currencies would push Nigeria’s total debt beyond N183 trillion — more than 60% of the country’s total foreign exchange reserves. “This is not just unsustainable — it is immoral,” Atiku wrote.

“The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs,” he posited.

Describing the borrowing strategy as a “Ponzi scheme,” Atiku added, “This addiction to borrowing, entrenched under the APC-led administration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest. Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.
We warn that this is economic sabotage in plain sight.”

The former presidential candidate called for immediate intervention, calling on lawmakers, civil society groups, the media, and the international community to take action.

“We demand that this reckless borrowing plan be halted immediately,” he declared, adding, “Nigeria must not be sold into debt slavery.”

He also warned that a one-party system will not be tolerated. “As opposition leaders and partners committed to the future of Nigeria, we will not stand by and watch democracy be reduced to a tool for elite control. We reject any attempt to turn Nigeria into a one-party state where dissent is silenced and power is abused.”

Atiku reaffirmed the opposition’s resolve to challenge what he described as the administration’s excesses and undemocratic tendencies. “We are building a strong, united opposition coalition — one that will challenge the excesses of this administration, restore accountability, and return government to the people.”