• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, July 6, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Why Tinubu’s Loans Are Concerning – Atiku

by Chibuzo Ukaibe
8 months ago
in Politics
atiku

Alhaji Atiku Abubakar

Share on WhatsAppShare on FacebookShare on XTelegram

Former Vice President Atiku Abubakar has alleged that the loans acquired by the President Bola Tinubu administration are powered by corruption and not infrastructure and development needs.

Advertisement

Tinubu on Tuesday wrote to the National Assembly, seeking approval for a N1.767 trillion ($2.209 billion) new external borrowing plan in the 2024 Budget (Appropriation Act).

However, despite concerns raised by civil society and experts, less than 48 hours later, the National Assembly approved Tinubu’s request.

If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget.

RELATED: In 48 Hours, NASS Approves Tinubu’s N1.77trn Loan Request

However, Atiku, a former Peoples Democratic Party (PDP) presidential candidate, said this loan proposal is more concerning because it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD.

RELATED

SDP Chieftain Urges Politicians To Shun Hate Speech During Campaigns

SDP Inaugurates Disciplinary Committee

22 hours ago
Confusion Over Nasarawa APC Chairman’s Suspension

Bello Can Perform Duties As Nasarawa APC Chairman, Court Says

22 hours ago

Atiku in a statement added that while Nigeria is sinking further in debt, the National Assembly has become an accomplice once more, apparently referring to its approval of loan requests under the immediate past Muhammadu Buhari presidency.

According to the Nigerian Bureau of Statistics (NBS), “Nigeria’s public debt stock which includes external and domestic debt stood at N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023, indicating a growth rate of 75.27% on a quarter-on-quarter basis.”

NBS further said, “Total external debt stood at N33.25 trillion (US$43.16 billion) in Q2 2023, while total domestic debt was N54.13 trillion (US$70.26 billion).”

But according to Atiku, “The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning.

“This report is coming just when the government has already sent a proposal to the National Assembly signalling an intention to borrow an additional N1.7tn being shortfall in the 2024 budget through Euro Bonds.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD.

“Nigeria is sinking further in debt, and the National Assembly has become an accomplice once more. Tinubu had, in July this year, boasted that the FIRS and Customs under his watch have collected all-time high revenues to finance the Budget. Why then are they still borrowing? There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.

“These Tinubu’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized.

“It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs. A report by Budgit, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.

“I feel a sense of personal agony seeing that just a few years after the administration of President Obasanjo took our country out of foreign indebtedness, we are today back at the top spot in the same conundrum

“It is time that we apply more caution and apply arithmetic to the loan frenzy,” he said.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Atiku AbubakarBola Ahmed Tinubu
SendShareTweetShare
Previous Post

Osun Local Content Policy Records Excites Adeleke

Next Post

North Central Chairmanship Pathway To Fixing PDP – Ologbondiyan

Chibuzo Ukaibe

Chibuzo Ukaibe

You May Like

SDP Chieftain Urges Politicians To Shun Hate Speech During Campaigns
Politics

SDP Inaugurates Disciplinary Committee

2025/07/05
Confusion Over Nasarawa APC Chairman’s Suspension
Politics

Bello Can Perform Duties As Nasarawa APC Chairman, Court Says

2025/07/05
C/River South PDP Leaders Lament Attacks By APC Thugs
Politics

Oyo APC Vows To Wrest Power From PDP In 2027

2025/07/05
APC Chairmanship: Search For Ganduje’s Replacement Begins
Politics

North Central APC Stakeholders Shop For Ganduje’s Replacement

2025/07/05
Kogi Stakeholders Task Federal Gov’t On Ending Benue Killings
Politics

Tinubu’s Unmatched Influence: Over 140 Political Heavyweights Join APC Without a Single Election – BAT Convener

2025/07/05
Ex-PDP Reconciliation Committee Chair Joins ADC In Gombe
Politics

Ex-PDP Reconciliation Committee Chair Joins ADC In Gombe

2025/07/04
Leadership Conference advertisement

LATEST

Abia Community Joins Protest Against Privatisation Of Cocoa Estate

Association Decries Use Of Babies With Cleft Lips For Sacrifice

Villa Forces Prevented Osinbajo From Implementing Ideas– Galadima’s Daughter

Dantata: Legacy Of A Philanthropist

Constitution Amendment Will Fix Nigeria’s Challenges –Sen Barau

How We’re Handling Security Challenges – Varsities, Others

2027: Coalition Leaders Relocate To Regions, Begin Mobilisation

Naval Gunboat Capsizes In Delta, 3 Officers, 3 Others Die, 3 Missing

New Constitution: Take Your Requests To State Assemblies, NASS Tells Nigerians

ICC Under Fire Over ‘Bias’ Against Africa

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.